Bitcoin (BTC) price momentum recently pushed the asset close to $ 42,000 per coin. Its price has doubled in the past two months, Breaking all-time highs He created it in 2017. Podcast Nathaniel Whitmore Recently he gave his opinion on Methods for detecting the overall bull market for digital currency.
“In fact, there is no total ceiling in the sense that the conditions go well with the narrative,” For Cointelegraph Whittemore, podcast host called Collapse. Added:
“ If we see another big round of fiscal tightening under democratic administration, and after a few months the velocity of money is still low and inflation tied, we can see a shift between some money and institutional managers to the idea that inflation is simply not something to be worried about, which can harm some Theses most encouraged. “
After it hit a low in March, Bitcoin recovered faster than the US stock market, which suffered a similar decline. After completing the third-half event in May, crypto assets traded side-by-side at times during the summer, but their overall overall trend was skewed upwards. Bitcoin price momentum increased in the final months of 2020, in line with a number of large companies allocating large amounts of capital to the digital asset.
The US economic landscape also plays a part in the equation. The government worked on a series of stimulus packages, printing a large sum of dollars.
Bitcoin’s previous overall bull market came with price corrections amid larger bullish expectations. Domestic rallies refer to short-term price highs or peaks that occur before corrections within that larger picture. “A more local ceiling could come if people were nervous because the weather is so messy and hectic with the arrival of new retail investors,” Whitmore said. “It hasn’t happened yet, but it appears to be starting (ie seeing Coinbase jump to 25th place in Apple’s free apps).”
We are barely eight days into this new year and Bitcoin has already risen by more than 40%. Based on data from TradingView.com. “The speed of ascent is absolutely amazing, and it cannot be denied.” Whittemore explained, adding:
“But I think what really happens is a drastically undervalued asset with an incredibly limited offering by design that is finally being reassessed. Lots of great buyers have opened up and there’s not enough for everyone.”
Bitcoin has a maximum supply of 21 million coins, giving it a look of scarcity. Whatever the case, the asset is still under 15 years old, A value equal to what people would pay for it, similar to gold, as Mark Cuban previously assumed. Some experts like the financial commentator Peter Schiff, Still doubting the origin, It’s called a bubble.