After hitting its all-time high above $47,500 levels on Tuesday, February 9, BTC has seen a partial retracement and is currently trading at $44,920 levels with a market cap of $831 billion. After Tesla’s announcement of $1.5 billion worth of BTC purchase, Bitcoin has already surged ~18% so far.
Despite this sharp surge in just two days, Bitcoin’s on-chain metrics and fundamentals continue to improve. The USDT stablecoin deposits on the exchange have spiked over the last few days. On the other hand, the Bitcoin active addresses have also surged simultaneously.
Popular crypto analyst Joseph Young writes:
“Big Bitcoin pullback overnight. Some delays to $50k. Slow and steady it is. Stablecoin inflows are still high and the futures market is less heated”.
Well, this means that the market is less leveraged at the current BTC price and thus any sharp correction and volatility is not visible in the near time.
PlanB Suggests A $100K Target for BTC Amid Improving Fundamentals
Bitcoin (BTC) network fundamentals continue to improve with the recent price surge. The Bitcoin network is secure than ever before as the BTC hash rate has hit an all-time high of 166.07M TH/s. As per data on Y-Charts, there’s a 50% surge in the Bitcoin network hash-rate over the period of one year.
On the other hand, the author of the stock-to-flow model PlanB states that the $100K bitcoin price is imminent anytime between April and September 2021.
— PlanB (@100trillionUSD) February 10, 2021
With Tesla’s entry into Bitcoin, a number of big corporates are likely to join and buy Bitcoin from its reserve cash. Oracle and Twitter are reportedly the two big players likely to join the Bitcoin bandwagon. On the other hand, Mastercard has recently announced that it will let merchants accept payments in Bitcoin and other cryptocurrencies very soon. It looks like Bitcoin adoption is sure to spike up in the coming day.