Bitcoin (BTC) Accumulation Continues, Looks Like 2016

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Sun, 05/17/2020 - 14:34
Vladislav Sopov

Recently, the most bullish price predictions for Bitcoin (BTC) have been reinforced by on-chain analytical studies. A current Delphi Digital report is not extinction.

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Contents

Delphi Digital, which addresses the sphere of digital asset consulting, revealed the inspiring takeaways from its recent State of Bitcoin 2020 report.

Exchanges, Custodies, Whales

According to the experts at Delphi Digital, three factors determine the current landscape of Bitcoin (BTC):  

First of all, Bitcoins (BTC) are moving within cryptocurrency exchanges. Multiple sorts of custody solutions are also experiencing a meaningful influx from flagship cryptocurrencies.

Moreover, the richest Bitcoin (BTC) wallets are going through a stage of accumulation.

These conclusions are based on data regarding the allocation of Bitcoins (BTC) and wallets of different sizes. Glassnode and Coinmetrics statistics were used in the Delphi Digital report.

Difficult Not be Bullish

Speaking on the results of the study, Delphi Digital's Co-Founder Yan Liberman highlighted his bullish indicators.

This is not only for on-chain metrics, but also the sentiment of macro investors, which looks incredibly positive for the analyst:

The holder base is in a good position to maximize the impact new demand has on price. Coupling that w/ the macro backdrop and investments/endorsements from the likes of PTJ makes it difficult to not be bullish BTC.

As previously reported by U.Today, billionaire Paul Tudor Jones excited the crypto community by allocating about 2% of his net worth in the crypto king.

Related
Billionaire Paul Tudor Jones Reveals His Bitcoin Stash, Calls Cash 'Wasting Asset'

This speech even resulted in a short-term rally above $10,000 for Bitcoin (BTC) on May 7, 2020.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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