Statistician Willie Wu notes that Bitcoin (BTC) increasingly looks like it is in a “super cycle” rather than just a rally.
On February 12, on the exchange on Twitter, a well-known analyst approached Dan Held, Development Manager for the American Kraken Exchange, and described the current BTC market as unrivaled bullish growth.
Woo: Retail has arrived
Earlier, Held clarified his theory of the state of bitcoins in 2021 – the price gains are not comparable to previous collections, and they do not even coincide with the end of 2017, when BTC / USD approached $ 20,000.
On the contrary, this year looks like a bullfight of a completely different scale – a “super cycle” in bitcoin production.
In his notes, Wu confirmed that the data indicated retail investors would return to Bitcoin in January.
“Retail has arrived. Another 4 weeks. Welcome to the middle of the beef market. “It’s not like everything,” he wrote.
When Held suggested that a supercycle had come with them, he replied that 2021 would prove it.
This question can be answered with more confidence in Q4. For now, this is just basic narrative, I need to know if capital flows confirm this.
“That attitude made me lean towards him.”
Interest in the search term ‘bitcoin’ surged in early 2021, but there are even more reasons for significant reach to match the 2017 peak.
Thermocap sets a BTC price target of $ 110,000.
With Bitcoin poised to overcome the $ 50,000 resistance thereafter, long-term price indices continue to be high even after tremendous training in recent months.
As Cointelegraph mentioned, Bitcoin’s so-called “thermocouple” is a calculation that indicates that the win is just beginning and the top is still far away.
Bitcoin market value for a hot ratio chart with comparisons. Source: Rafael Schulze-Kraft / Twitter
In an update this week, Rafael Schulze-Kraft, director of technology for analytic resources at the Glassnode series, calculated that if Thermocap reproduced its 2017 numbers, the BTC / USD price could reach $ 110,000.
“The latest market for beef, BTC $, was around $ 8,500 when Marketcap before Thermocap was at today’s levels – and it climbed another 135% to a peak in just one month. It could have gone fast, ”he tweeted.
“Yes, this time it is different, but just in case: 135% here is worth 110,000 dollars.”
Federal balance sheet. Source: Holger Zschaepitz / Twitter
Macro indicators also provide the perfect backdrop for the heightened interest in Bitcoin across the board. Last week, the US Federal Reserve increased its balance sheet to the point where it hit record highs again.
“Last week, the federal budget surplus reached $ 7.44 trillion, equivalent to 34.7% of US GDP,” said Holger Sischitz, a market columnist for the German news agency Die Welt.
“The Fed’s balance sheet is smaller than that of the # ECB, with 70.7% of GDP, and much less than that of the SNB or the Bank of Japan, where total assets are> 100% of GDP.”