On March 11th, Bitcoin reached $57k, just below its all-time high, after falling to a low of $43k in February. Today, the coin hit $62,000. With Bitcoin managing to regain the lost ground in such a short period of time, analysts remain bullish on the future of the asset’s price.
While after the initial 2017 crash, Bitcoin regained much of its price loss quickly – only to lose more than 80% of its value in the weeks later – there is reason to believe that this time is different.
Bitcoin On-Chain Analysis
Bitcoin analyst Willy Woo believes that the 5% of total supply bought above $53k (at a one trillion market valuation) is a strong indicator for the bullish sentiment of retail and institutional traders.
Bitcoin is once again near all time highs. There’s solid amount of on-chain support below here.
Chart: showing just how many coins were bought by at each price by current investors. A nice confirmation of the validity of these price levels. pic.twitter.com/doKo5mCvp5
— Willy Woo (@woonomic) March 11, 2021
Investors were clearly not panicked by the dip and took the opportunity to accumulate another ~900,000 BTC.
The analyst also points to 35% of the total supply that has been bought in the past three months. This suggests that the market believes BTC is still, at the very least, an undervalued asset – or an alternative to the currently volatile equities market.
Technicals Indicate There is Room to Grow
In terms of technical indicators, according to Central Charts analysis, BTC has broken through …
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