The CEO of Messari, Ryan Selkis, has compared the current Bitcoin price behaviour to be similar to the initial stages of what transpired in 2016 just before the elongated bull run that saw the leading cryptocurrency reach an all-time high price of almost $20,000.
Selkis made this comparison in an interview on Bloomberg where he also gave reasons to support his earlier prediction that Bitcoin price will reach $50,000 in the future.
The market action of Wednesday, 12th April 2019 increased the confidence of the bulls in the market as Bitcoin prices smashed through the $5,000 mark, taking out a strong multiple resistance region along the line. This behaviour has also rubbed off on other cryptocurrencies as the market revealed a dominant uptrend across almost all other Altcoins with major resistances being taken out.
In the current uptrend, prevailing analyses appear to revolve around technical analysis as no particular news or event has been identified as the trigger so far. However, it seems to be a universal opinion that there exists strong fundamentals that will further push Bitcoin price upwards, deeper into the green area.
Three factors were considered by Selkis that will strongly support a long term uptrend for Bitcoin, driving it towards his earlier predictions upon which he still insists. These factors include:
In this current age of information, Selkis expects the next generation of investors to be more averse to digital assets than the previous generation who stored their wealth in physical gold. Hence, a significant percentage of the wealth that is being inherited by the recently born generation will definitely end up in digital gold. This will represent a significant volume of funds being introduced into the digital assets ecosystem not just for speculation, but as a store of value.
Large institutions are beginning to find their way into the digital assets ecosystem. Obvious among them is the soft launch by Fidelity, even as Bakkt is also pushing to long Bitcoin futures. These are elements identified by Selkis among other companies that he described as “deep pocketed”. This he says will finally pave way for big name investors to enter the market.
Realized Value is a fundamental element that is particularly crucial for Bitcoin. RV is an indicator that measures the amount of mined Bitcoin that enters the supply over time. As pointed out by Selkis, this value after falling below 1.0 in recent months is beginning to show a significant turnaround in the recent weeks in an accelerated manner.
These key fundamentals described above and the already set technicals happen to form a formidable combination for a long awaited uptrend since the major pullback from early 2018. This opens up a rare opportunity for investors to buy Bitcoins and Altcoins in a similar behaviour to the generational rotation group.
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