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- Bitcoin has surged approximately 30% higher in a month.
- The asset now trades for $11,700, a price still far higher than it was just weeks ago.
- Not everyone is convinced by the BTC price action, with some calling this a range deviation prior to a drop back towards $8,000.
- There are fund managers like Euro Pacific’s Peter Schiff still calling for Bitcoin to go towards $0 over time, disregarding the ongoing rally.
- Dan Held of Kraken, though, recently identified five clear signs that Bitcoin’s bull run is starting.
- These add to a confluence of other on-chain, fundamental, and technical signs indicating such.
Bitcoin’s Bull Run Is Just Starting
On August 24th, Kraken’s Dan Held gave five clear reasons why he thinks Bitcoin is currently “at the beginning of a bull run.” These five reasons as defined by the cryptocurrency market commentator are as follows.
- 97% of all BTC in circulation is currently trading at a profit.
- Around 61% of all BTC in circulation has not moved in a year or even more. This, coupled with the last statistic, indicates that there are more individuals looking to “HODL” Bitcoin than ever before, boding well for long-term price action.
- Bitcoin just underwent its latest block reward halving in May 2020, which reduced the coinbase rewards issued each block from 12.5 BTC to 6.25 coins. Assuming consistent or increased demand, a drop in the supply (which the block reward halving technically induces) should result in a higher equilibrium price for the asset being analyzed.
- Central banks are printing more capital than ever before in modern history, with reports indicating that there has been over $20 trillion worth of global stimulus since the pandemic began. Analysts in Wall Street and in the crypto markets say that this increased money printing will drive attention and capital towards Bitcoin and gold over time due to their relatively scarce nature to fiat money.
- Global debt (aggregate across all buckets) as a percentage of GDP has reached an all-time high (aside from times of war), which again confirms the vast amount of money printing taking place. Although there haven’t been any major collapses yet, some fear that the indebtedness of many countries, firms, and individuals will cause a collapse of fiat systems over time, driving value to alternative systems.
Bitcoin is at the beginning of a bull run:
– 97% of UTXOs are in profit
– 61% Bitcoin hasn’t moved in over a year (ATH)
– Just had a halving
– Central bank money printing in overdrive
– Global debt as a % of GDP is the highest its been in recorded history (peacetime) JuiceStorm.com/6WNENvOJRr
— Dan Held (@danheld) August 24, 2020
Where Will BTC Move Towards?
With Bitcoin on the verge of a bull run, some have attempted to answer the question of where BTC will end up once it finishes.
Dan Tapiero, the co-founder of DTAP Capital and of Gold Bullion Int., thinks that Bitcoin will rally over 400% this cycle.
As reported by Bitcoinist previously, Tapiero recently wrote:
“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”
Tapiero’s expectations of an exponential move in the price of Bitcoin to $50,000-100,000 have been echoed by others including Real Vison’s Raoul Pal and “PlanB.”
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