$64k may not be the top for Bitcoin after all. Analysts suggest that Bitcoin will soon resume its journey towards $100k, and maybe the next phase of the bull run has already begun. The analysis was presented by Mike from Bloomberg Intelligence and is very bullish. The most important aspect of this is the fact that Bitcoin is treating $30,000 the same way it did $4,000 in 2019 before the huge rally said, Mike. Another important aspect of this new phase of the bull run will be for Bitcoin to convert $40,000 into strong support.
Bitcoin will resume its journey towards $100k
Mike said that the dip below the 2-week MA could be one of the solid reasons for paper hands to break. At the same time, the demand is rising, and strong hands are buying. If we check year-on-year, the demand for Bitcoin has risen with increased adoption. At the same time, the supply has decreased as most coins are in diamond hands. We should also note the fact that recent reports of a possible Bitcoin supply shock also came due to the increasing illiquid supply. All this combined makes this analysis quite accurate.
Continuing what Mike said, the China crackdown on Bitcoin mining and the increasing US regulations have also been seen as a positive step. According to him, this shows that BTC is evolving, and the markets are getting more mature. And since miners are now moving out of China, the hash rate will be distributed more evenly across the globe.
Some critical aspects
Recently the SEC chairman has made many strong statements on cryptocurrencies. These statements were mostly about laws and regulations that could soon be enforced. Another important thing was the different tokens that were listed on exchanges could be deemed as securities. If done so by the SEC, then it will create a lot of problems for the same. The regulations that will soon be implemented could be a barrier for the bull run. But I think that the US will bring positive laws, and the crypto markets will benefit from it.
What are your thoughts on Mike saying that Bitcoin will resume its journey towards $100k? And do you think this will be possible in 2021? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.