According to Glassnode’s channel tracker, the second month of the year was a formative time for bitcoin like no other.
$35,000 worth of bitcoin? Previous month
On the current state of the Bitcoin network, co-founders Jan Allemann and Jan Happel said that many price indicators could be reset in February.
The amount of consolidation bitcoin has seen since January is unrealistic. This allowed fundamentals to catch up and indicators to rebound, they tweeted on the 17th. February.
Looks like $48,000 is the new $35,000. BTC/USD volume chart with support levels highlighted. Source: Glasnode/Twitter
This favorable outlook fuels the bulls’ hope that $50,000, the level through which bitcoin first broke this week, will provide a solid base without major corrections.
Despite swings around $50,000, declines were quickly bought back, indicating strong buying support at higher levels regardless of the speed of the price increase or a negative external story about bitcoin.
According to cash flow models, it would take a black swan to exceed $36,000 at the end of the day, added statistician Willie Wu in response to Glassnode’s findings.
He described bitcoin’s current position as being in the middle stages of a bull market.
Saylor: Not exceeding 80% of the yield
Allman and Happel, however, were not alone. In his latest appearance on a series of podcasts by The Bitcoin Standard author Safedin Ammus over the weekend, MicroStrategy CEO Michael Saylor said that bitcoin will not experience another 80% price drop, as it did in 2018.
The volatility is not the same; if you look at the draws, they are not the same, he told Ammus.
For example, when bitcoin reached $40,000 and traded at $30,000, that was a 25% correction, not an 80% correction.
As Cointelegraph reports, MicroStrategy plans to acquire an additional $900 million in BTC in the near term, according to an announcement this week.
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