Bitcoin Investors Expect Rapid Price Appreciation Soon
Bitcoin has undergone a strong rally over the past few weeks, rallying as high as $13,350. In response to this move, there surprisingly isn’t an influx of investors looking to liquidate their coins for a profit. In fact, on-chain data indicates that investors are not looking to sell their coins.
Crypto-asset analyst “Light” shared the chart below just recently. It shows that the total transfer volume of Bitcoin to exchanges has decreased dramatically over the past three days. He sees this as a sign that these investors think upside is likely:
Chart of BTC's price action over the past month with an overlay of "total transfer volumes to exchanges" shared by Light (@LightCrypto). Chart from Glassnode
Sentiment polls also indicate that most investors think that Bitcoin will soon slingshot higher.
Leading financial media outlet Real Vision recently polled its subscribers about their current investments and outlooks on a variety of markets. Their polls found that most investors, over 60% of those polled, think there is a good chance Bitcoin will be dramatically higher a month from now than it is now:
This Is For Good Reason
This bullish sentiment is arguably for good reason.
Just this past week, it was revealed that PayPal will be embracing cryptocurrencies. The world-famous fintech application will support the purchase and sale of Bitcoin and other digital assets, along with payments made with cryptocurrency.
Analysts think that this move will entice other companies, both in technology and in finance, to embrace Bitcoin. This could result in an influx of new users, driving capital in the space to new highs.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com On-Chain Trends Show That Bitcoin Investors Expect "Rapid Price Appreciation"
Originally from Bitcoinist.com https://ift.tt/37NrALg
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.