Bitcoin’s on-chain metrics suggest a “bullish” market regime may be imminent
BTC $9922 (+7.2%) • ETH $213 (+4%) • XRP $0.22 (+2%)
Since March’s lows, Bitcoin has gained over 100 percent, outperforming most other over $100 billion assets within the same time frame.
Yet, this may be the start of an even greater rally with a top on-chain analytics firm affirming that per their data, BTC is just transitioning to a “bullish” market regime, exiting the bear market it was embroiled in prior to the recent gains.
With there being no cash flow statements and balance sheets to scrutinize to value Bitcoin, analysts have turned to the next best thing: on-chain data.
Due to the fact that blockchains are public, their data can be crawled by analysts to determine the health of a network, the composition of users, among many other things.
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Bloomberg analyst shares 5 reasons why he’s bullish on Bitcoin in 2020
Although Bitcoin’s market capitalization is still extremely small compared to that of other assets, like the dollar or Apple, the cryptocurrency is rapidly gaining traction with mainstream investors. Paul Tudor Jones, a multi-billionaire hedge fund manager, called BTC the “fastest horse” in the asset race, noting how the cryptocurrency looks like gold did in the […]
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