CoinGape
CoinPedia
CoinDoo
The post Bitcoin Is Yet to Catch Up With Its ‘ Out-Of-Control’ Fundamentals, Says Analyst appeared first on Coinpedia Fintech News
The largest cryptocurrency by market cap, Bitcoin remains in a period of stagnation as its price fails to gain momentum following the release of the Federal Open Market Committee (FOMC) minutes. Unfortunately, this lack of positive influence extends to the broader cryptocurrency market, which is currently experiencing a downturn.
According to a popular crypto analyst, Bitcoin’s price is yet to align with its “out-of-control” fundamentals. In a recent YouTube video, the anonymous host of InvestAnswers shared insights and highlighted that Bitcoin’s fundamental metrics are showing positive trends across the board, with the exception of BTC’s supply on exchanges, which is decreasing.
When a significant amount of Bitcoin is withdrawn from exchanges, it can indicate a bullish period as influential investors accumulate this leading digital asset. The InvestAnswers host further explained the increasing supply held by long-term holders, which currently stands at approximately 14.5 million Bitcoin.
“Then we have addressed with a balance greater than one Bitcoin — over 1 million. Of course, many people have five wallets or more, so that doesn’t mean there are a million whole-coiners, ladies and gentlemen. There’ll never be more than 330,000 whole-coiners. But that is just an interesting stat to look at too,” the analyst said.
He said that Bitcoin’s fundamentals are incredibly strong, with various metrics showing positive trends. The supply of Bitcoin on exchanges is decreasing, indicating a potential bullish period as large investors acquire more of the cryptocurrency. However, despite these favorable fundamentals, the price of Bitcoin has not fully reflected the current situation.
The king coin is struggling to bounce back and is currently trading at $26,217. Bitcoin attempted to breach the $26,500 level but then hit reverse.
- Website
- Mobile app
- Telegram Channel
- Telegram Group
- YouTube
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks
