Bitcoin- Fundamental analysis
In nutshells, BTC is short-term bearish and mid-term and long-term bullish
The longer the BTC price stay away from 3.4k, the less likely the 3.4k will be revisited again. Three failed attempts at 10k have signaled the short-term bearish sentiment. Low volatility and volume in the past month could be the precursor to the big price movement.
Fundamental factors-
*After the halving on May 11th, the hash rate dropped more than 40%. Two days ago, Bitcoin difficulty lvl recorded its biggest change of +15% since January 2018. There was no sharp price decline after the halving as some have predicted.
*2020 is the year in which Fed exercises unprecedented monetary stimulus. This week, Fed starts to buy privately-issued individual corporate bonds from primary broker.
*Various surveys indicate millennials' trust in BTC increase as their trust in traditional banking decline. In addition, baby boomers are slowly warming up to BTC.
*The # of Bitcoin whales, or addresses that hold at least 1,000 BTC, is reaching levels seen before the 2017 market euphoria
*According to glassnode, # of addresses holding 0.1+ coins reached an ATH of 3,069,763.000 two days ago, which indicates the robust retail demand
*Nearly 60% of total Bitcoin is dormant for at least a year, which might indicate the HODL sentiment that investors expect the BTC price to go up.
*According to the historical data, Mayer multiple indicates that investor would achieve better results by accumulating bitcoin when the ratio is below 2.4. Currently, it stands at 1.13
*Between May 2019 and May 2020, the value of Grayscale’s Bitcoin investment trust surged 76% from $1.9 billion, indicating a strong institutional demand.
Currently in choppy no trade zone. Scale in slowly between 8.5k-8.8k. Flip to shorts if price breaks down convincingly below 8k.
The longer the BTC price stay away from 3.4k, the less likely the 3.4k will be revisited again. Three failed attempts at 10k have signaled the short-term bearish sentiment. Low volatility and volume in the past month could be the precursor to the big price movement.
Fundamental factors-
*After the halving on May 11th, the hash rate dropped more than 40%. Two days ago, Bitcoin difficulty lvl recorded its biggest change of +15% since January 2018. There was no sharp price decline after the halving as some have predicted.
*2020 is the year in which Fed exercises unprecedented monetary stimulus. This week, Fed starts to buy privately-issued individual corporate bonds from primary broker.
*Various surveys indicate millennials' trust in BTC increase as their trust in traditional banking decline. In addition, baby boomers are slowly warming up to BTC.
*The # of Bitcoin whales, or addresses that hold at least 1,000 BTC, is reaching levels seen before the 2017 market euphoria
*According to glassnode, # of addresses holding 0.1+ coins reached an ATH of 3,069,763.000 two days ago, which indicates the robust retail demand
*Nearly 60% of total Bitcoin is dormant for at least a year, which might indicate the HODL sentiment that investors expect the BTC price to go up.
*According to the historical data, Mayer multiple indicates that investor would achieve better results by accumulating bitcoin when the ratio is below 2.4. Currently, it stands at 1.13
*Between May 2019 and May 2020, the value of Grayscale’s Bitcoin investment trust surged 76% from $1.9 billion, indicating a strong institutional demand.
Currently in choppy no trade zone. Scale in slowly between 8.5k-8.8k. Flip to shorts if price breaks down convincingly below 8k.
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