Fundstrat: Bitcoin (BTC) Bulls Are In Control, Per Mounting Evidence
After 14 months of brutal bear market conditions, data and other pieces of evidence are finally starting to accentuate that Bitcoin bulls are taking control of the BTC price wheel once again.
In a recent Twitter thread, Ken Xuan, a researcher at Fundstrat, noted that while there remains a “fairly high level of skepticism and apathy towards [the] recent recovery in
crypto prices,” evidence is mounting that bulls are back in control, and more importantly, are preparing to kickstart a large rally to new heights.
Xuan notes that the
Bitcoin Cash and Bitcoin SV fork wars have now exhausted, which is notable because the start of this debacle is what seemingly caused BTC to drop $6,000 to $3,000 in November and December of ’18. He adds that sentiment has begun to flip notably bullish, as seen with the Bitcoin Misery Index’s recent move past 67, the influx of on-chain accumulation of BTC, and a growing number of cheery tweets from market leaders, further hinting that the bottom is in. Case in point, it has been noted that the Misery Index readings of above 67 are only seen during bull markets.
This comes just days after Tom Lee, the co-founder and head of research at the New York-based group, further broke down Fundstrat’s current investment thesis on Bitcoin.
As reported by
Ethereum World News previously, firstly, Lee looked to blockchain statistics, specifically that of Bitcoin. He explained that the transactional value of on-chain transfers has turned positive on a year-over-year basis, signifying that BTC is still seeing constant use for its intended purpose, in spite of the brutal conditions in the market. What’s even more positive is the fact that average daily transactions processed on the Bitcoin chain are reaching near-all-time highs, but that the fee market has yet to froth.