Except for the spot exchange rate of the US dollar, Bitcoin (BTC) has set new records in almost every aspect. This stems from a new review, which concluded that 2020 and 2017 have different highs.
Nick Carter, the co-founder of the statistical resource CoinMetrics, highlighted the nine charts from the beginning of the week in a blog post on November 17, which are higher than ever.
10 graphics with visual improvements
From wallet balances of more than $10 to institutional holdings to Bitcoin spot prices in various fiat currencies, data shows that Bitcoin has performed exceptionally well in the past.
Carter said: “In short, today’s market is more mature than the market that caused the last rebound, with stricter funding, monitoring, and supervision, more reversibility, higher capital efficiency, and greater liquidity.”
“In these nine charts, I have covered many factors that can be improved when we compare today’s market environment with last year’s upward trend.”
PlanB, which generates a Bitcoin pricing model from inventory to circulation, introduced another indicator-the 200-week Bitcoin basic moving average.
They all distinguished Bitcoin from 2020 three years ago, when the exciting price in the last few weeks of the fourth quarter hit an all-time high of nearly $20,000.
As reported by Cointelegraph, another round of bullish price predictions have been derived from known sources in the past few days, claiming that this time $20,000 will not be the upper limit and that the breakup will continue the bullish trend.
For 2021, companies ranging from cryptocurrency investors to traditional banks have set very high price targets, including Citibank betting $318,000 by the end of the year.
“The magic is gone”-Analyst
However, not everyone is optimistic. Even if $18,000 becomes a reality this week, a senior media strategist said that the lack of advertising in Bitcoin proves the demise of benefits.
Kathy Jones, senior fixed income strategist at the Schwab Financial Research Center, told Bloomberg: “Your magic has faded.”
They have a tough group “I am an investor in cryptocurrency”, but it has not really expanded because it is very unstable and raises many questions about security and possible regulations. The number of questions I ask now is only a fraction of the points I received when the weather was hot two years ago. really “.
This view emphasizes the gap between the inside and outside of the cryptocurrency space, which continues to believe that 2017 will be the peak of Bitcoin’s “fashion”.
The $20,000 level is clearly Bitcoin’s next goal. Simon Peters, a cryptocurrency asset analyst at eToro Cointelegraph, a multi-asset investment platform, said: “If we do what I think is possible this year, we will find ourselves in an unknown state and the atmosphere there is still optimistic.”
“The maturity of Bitcoin is reflected in the diversity of investors and the massive amount of data, which means we can say with some concern.” This time, the situation is different. “