Rising Bitcoin (BTC) Investors Activity Suggests BTC Bull Rally to Continue

Bhushan Akolkar Bitcoin News published January 1, 2021 | modified January 1, 2021

Rising Bitcoin (BTC) Investors Activity Suggests BTC Bull Rally to Continue

The BTC price has hit a new all-time high of $29,594 with its market cap moving past $550 billion. Interestingly, the ongoing investors’ activity in Bitcoin suggests that the bull run won’t be stopping anytime soon.

Bitcoin Price Could See Rally Similar to 2011-13

The latest rally has pushed Bitcoin price  to new highs as the Grayscale Bitcoin Trust (GBTC) now holds more than $17.4 billion in net assets under management (AUM). The latest candle formation shows that Bitcoin could see a similar rally to the one between 2011-2013.

 

As per market analyst Willy Woo, there’s some massive investors’ activity happening currently in Bitcoin (BTC). The BTC investors’ activity has spiked to the levels when the BTC price tanked below $5,000 levels in March 2020. The analyst further adds that the current scale investor activity has been unseen since March 2017 and rather much more sustained thereby suggest a continued bull run ahead.

Interestingly, the rising investor activity happens as Bitcoin (BTC) price surges to new heights continuously over the last two months. This has been majorly supported by massive institutional participation over the last two months. If we look at the below one-year chart for Bitcoin (BTC), buying at dips i.e $5K-$9K made altogether more sense for long-term retail HODLers. However, the continuous buying at every new high suggests that institutional inflows are getting stronger with every price rise.

Courtesy: CoinMarketCap

In one of his other tweets, on-chain market analysts Willy Woo we are currently at an all-time high juncture wherein the Bitcoin (BTC) top cap model starts curving upwards. The analyst has predicted a $100K price target for the cryptocurrency.

Woo further goes on to adds that

“$100K is a ridiculously low target at the current trajectory. $55k is the next landmark -> Bitcoin becomes a $1T macro asset bucket”.

 

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Bhushan Akolkar 385 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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