The crypto market has looked very unimaginative lately. No, thanks to India’s impending political decision which appears to have contributed to derailing the market. With Bitcoin hovering near the $ 56,000 mark, there is fear of the Bitcoin Fear and Greed Index.

Meanwhile, crypto analyst TechDev pointed to a mid-cycle rebound by drawing similarities from previous bull market cycles.

All 3 full # BTC cycles saw a “mid-cycle” ricochet of 1.272.

Thereafter…

2013 encountered resistance at 1.55.

2017 encountered resistance at 1.618.

In 2021 it was the opposite of both.

Then historically the mania sets in. pic.twitter.com/VQ5bTQaY5H

– TechDev (@ TechDev_52) November 24, 2021

So will Bitcoin bulls overtake the sluggish mood?

JP Morgan analysts had previously predicted that an “increase in bond yields and a possible normalization of monetary policy” could weigh on the price of Bitcoin. This is comparable to the impact on traditional gold in a similar macroeconomic environment.

But let’s not forget that the top bank has also renewed its Bitcoin price prediction of $ 146,000 for the long term. While the JP Morgan analyst said that a target price of $ 73,000 seemed “appropriate” in the short term.

Not all are on board

However, JP Morgan boss Jamie Dimon has continued to maintain an opposing stance on the crypto sector. In a recent event, he said that “crypto tokens” have no intrinsic value and cannot be viewed as “currency”. In the past, Dimon had also commented that Bitcoin was “worthless”. Again resonating with the same idea by calling the asset class speculative, he said:

“It’s hysteria.”

Institutional support

Meanwhile, many investors seem unfazed by short-term profit-taking. CoinShares’ latest weekly flow report indicated that despite a 12% correction in Bitcoin, inflows surpassed $ 114 million last week. This means that the majority of the investments went into Bitcoin. Cathie Wood, CEO of Ark Invest, also believes Bitcoin has strong institutional support. She said in an interview,

“What we didn’t expect in our own study of Bitcoin, we didn’t expect institutions, mostly corporations, to start diversifying their balance sheet cash into Bitcoin.”

With that, Citigroup is reportedly immersed in the sector, which has names like Goldman Sachs, JP Morgan, and Bank of America. And these big banks are not alone. According to the latest reports, financial services company Stripe, which previously stopped supporting Bitcoin, may revisit the idea due to new developments.

Bitcoin on-chain

In the meantime, it’s important to note that non-zero Bitcoin addresses are at an all-time high.

The number of #bitcoin addresses with a balance other than zero has reached a new all-time high of 38.76 million addresses.

The previous high of 38.7 million was hit seven months ago on April 23, and it took 213 days to fully recover.

Live chart: https://t.co/jbyYVmnwcH pic.twitter.com/Fxa9MMwhaW

– glassnode (@glassnode) November 23, 2021

The crypto influencer Anthony Pompliano recently stated in a podcast that there are now almost 10 million wallets made up of small Bitcoin investors with at least 0.01 BTC.

With that, Arcane Research has stated that it is not certain “whether $ 69,000 will mark the culmination of this bull run” for Bitcoin. A recently published analysis also expects interesting turns in the BTC price in the future.


Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here