Experts agree – Bitcoin is in a „super uptrend“ for the first time
There seems to be no end to Bitcoin’s (BTC) ongoing uptrend, which is why several experts now agree that the market-leading cryptocurrency is instead in a „super uptrend“.
The relevant formulation comes from popular crypto analyst Dan Held, who holds a leading position at the American crypto exchange Kraken. In a Twitter discussion with statistician Willy Woo, he used it to highlight the special constellation that exists for the Bitcoin Bank current uptrend and will probably drive it to even greater heights.
„Super upward trend“ like never before
Held first explained why he believes the conditions for Bitcoin in the new year are better than ever before. According to Held, the current price development would clearly eclipse past upward trends; even the great hype of 2017, when Bitcoin climbed to the then record high of almost 20,000 US dollars, would not come close to the current run.
Rather, the current uptrend would be of an unprecedented magnitude, which would inevitably constitute a „super uptrend“.
Statistician Woo echoes the tenor that the general public, in the form of retail investors, has again stepped into the market-leading cryptocurrency in January, further reinforcing its positive price trend.
„In the last four weeks, retail investors have returned. So we are now only in the middle phase of the uptrend. An uptrend like never before,“ Woo says exuberantly in view of this.
Held goes a stage further and says that the re-entry of the general public heralds the „super uptrend“, which Woo affirms with reservations.
„Whether it did, I can’t say for sure until the fourth quarter. Right now, that’s just the narrative for now, based on the fundamentals. We have to wait and see if the capital flows confirm it,“ the statistician said, before adding:
„Based on the situation, I tend to support that thesis.“
That there is still room for improvement for the crypto market leader can be seen from the fact that while searches for „bitcoin“ were high at the start of the year, they still lag behind 2017’s peaks.
Rise to over 100,000?
The BTC price is now facing a major hurdle at the psychologically important US$50,000 mark, however longer-term indicators suggest that it still has further upside to go despite the massive gains in recent months.
The so-called „thermocap“, which looks at the total turnover of bitcoin mining since the introduction of the cryptocurrency, is one of these indicators. German analyst Rafael Schultze-Kraft from crypto market research institute Glassnode is convinced that Bitcoin can still climb to 110,000 US dollars if the thermocap performs as strongly as in 2017.