Bitcoin bulls are waking up, but will the bears hibernate for good? Here are some potential scenarios.
Research has detailed Bitcoin’s recent record-low volatility and, while traders expect an eventual price breakout, the Oct. 26price move to $21,000 is not yet being interpreted as confirmation that $20,000 has now become support.
The bull case, on the other hand, entails an increase in whale wallets, outflow from centralized exchanges and hodling by longer-term investors.On-chain active address growth remains stagnant across the BTC network. A reduction in transactions translates to a decrease in utilization and user growth for the network, factors which could possibly hinder BTC price expansion.
“Deleveraging events of miners may lead to distribution into thin order books, historically light demand, and persistent macroeconomic uncertainty and liquidity constraints.”
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