October 19, 2021

Bitcoin prepares for a new supercycle

After a two-month consolidation, Bitcoin had enough momentum from fake news to get close to the key resistance. Fresh metrics predict a confident breakout of the $ 40,000 level in the near future.
Bitcoin prepares for a new supercycle

Image Source: Cryptocurrency Exchange StormGain

On Sunday, City A.M.released an "insider" about Amazon's plans to include Bitcoin in the list of accepted means of payment. Due to the news, the coin showed the best dynamics over the past six months, soaring by 14% in 12 hours. The refutation that appeared later did not lead to a correction. This already implies an increased interest in cryptocurrency and a high assessment of the prospects. This is also evidenced by the record one-day outflow of Bitcoin from exchanges over the past 12 months: after the purchase, users move the asset to cold wallets. Over the past day, at least 57 thousand BTC were withdrawn.
Bitcoin prepares for a new supercycle

Image source: cryptoquant.com

Analytical agency Stack Funds notessimilarities in the derivatives market of the current cycle with the last quarter of 2020, when Bitcoin showed a threefold increase after a protracted consolidation. Nevertheless, analysts are calling for "cautious optimism" in their estimates of the start of the supercycle.
Bitcoin prepares for a new supercycle

Image source: bybt.com

Active resistance is at the levels of $ 41,000 - $ 43,000, where significant volumes of positions have accumulated, including protective orders of bears. A break above this area opens the way to $ 50,000.
Bitcoin prepares for a new supercycle

Image source: twitter.com/MI_Algos

Growth indicates widespread interest in Bitcoinnumber of users: from May 2020 to January 2021 (in nine months), the audience increased from 65 million to 100 million, but after (in six months) its size increased from 100 million to 221 million.
Bitcoin prepares for a new supercycle

Image source: crypto.com

The number of users continues to grow despiteregulatory tightening in a number of countries and repression of miners in China. The network hashrate has already begun to recover, and the Bitcoin price is returning to growth. Perhaps it's time for a new supercycle.

Analytical group StormGain

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