Bitcoin has undergone a strong rally in recent weeks that has brought it close to $ 30,000. The leading cryptocurrency is currently trading at $ 29,900, well above where it was a few weeks ago.
Analysts think the main Bitcoin bull stage is here. This comes despite shared concerns several months ago that the cryptocurrency market was in need of an overburdened consolidation due to the pandemic and its effects on global markets.
Bitcoin is up 2.5% in the last 24 hours and 20% in the last week.
BTC is in the main bull stage
According to crypto analyst Willy Woo, Bitcoin is now in its main bull phase:
“If you’re looking for long-term access to HODL Bitcoin, don’t buy cash. You won’t be sweating a few thousand dollars in imperfect access if it’s $ 100k, $ 200k, $ 300k in a year. .. The main bull phase is here. The inflow of capital has gone crazy. “
If you are looking for a long term access to HODL Bitcoin, don’t buy any money. You’re not going to sweat a few thousand dollars worth of imperfect entry if it’s $ 100,000, $ 200,000, $ 300,000 in a year.
The main bull phase is here. Capital inflows have gone crazy.
– Willy Woo (@woonomic) January 1, 2021
One reason he thinks that is due to the sheer amount of capital inflows into the Bitcoin space.
Technology analyst Kevin Rooke noted in December that the Grayscale Investments BTC Trust (GBTC) absorbed nearly 13,000 BTC in one week. He wrote on the matter:
Bad news for BTC bears. Grayscale’s Bitcoin Trust just added 12,319 BTC to $ GBTC in one day. That’s more than the 11,512 BTC they added all week, when BTC broke its ATH. “
Strong retail demand for Bitcoin
To confirm the sentiment that bitcoin is in a bull market, data indicates there is strong retail interest in the leading cryptocurrency.
Pantera Capital, a leading crypto asset fund, found that there is a huge demand for Bitcoin in the retail industry as evidenced by PayPal’s crypto volumes.
On the topic, the company wrote:
“PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of crypto, itBit, the Paxos-led exchange, did a fairly steady trade volume – the white line in the chart below. When PayPal went live, the volume started to explode. The increase in itBit volume implies that within two months of going live, PayPal is already buying more than 100% of the new supply of bitcoins. “
These strong demand dynamics should drive BTC up over time as demand outstrips supply.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Growing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin's "Main Bull Phase" Has Arrived: On-Chain Analyst