By Hassan Mehmood (Saudi Arabia)
Bitcoin is trading over $11,900, and there is no possibility of a bearish trend, claim analysts. There is no chance of a bearish trend as many things are in favor of the top leading asset.
There are bears in the market which try to resist whenever the price tries to break above $12,000 but soon, their influence over markets will over as bulls are increasing in numbers.
Fund manager Charles Edward explains all the things which are in favor of Bitcoin, including Portnoy in Bitcoin, gold S/R flip, and accumulation price structure.
How can you be bearish Bitcoin here?
– Portnoy in Bitcoin
– Fed investigating crypto dollar w MIT
– Gold S/R flip
– +26% Tether
– 45% supply hasn't moved in >2yrs
– Energy Value increasing > price
– Mining profitable & price near Production Cost
– Accumulation price structure— Charles Edwards (@caprioleio) August 13, 2020
Dave Portnoy Buys Bitcoin
Dave Portnoy, the founder of Barstool Sports has purchased Bitcoin this. Winklevoss Twins helped him in purchasing Bitcoin, which is a bullish act as he has millions of followers over his social platforms.
Also read:“We think of Bitcoin like internet gold. So the same qualities that make gold valuable, the fact that is scarce, Bitcoin is actually fixed in value but it’s digital. It lives on the internet. If you think of why gold is interesting, Bitcoin is gold for the internet.”
There comes news that the United States has started working on digital currency. The US is working with MIT for the digital dollar.
“With these important issues in mind, the Federal Reserve is active in conducting research and experimentation related to distributed ledger technologies and the potential use cases for digital currencies. Given the dollar’s important role, it is essential that the Federal Reserve remain on the frontier of research and policy development regarding CBDCs.”
There is a correlation between Bitcoin price and the market capitalization of Tether. Edward finds out that the Tether’s market cap has surged by 26% and has crossed $10 billion.
On-chain data provider Glassnode reveals that most of the BTC has not moved over a year which is a bullish signal for the price value. According to Glassnode, 67% of all Bitcoin did not move from wallets in 12 months or even more in some cases.
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