Key on-chain signals show that Bitcoin is still embroiled in a bull trend despite recent uncertainty in the cryptocurrency market. In fact, one blockchain analytics company recently shared 10 signals suggesting BTC is either a “buy” or “strong buy” on a macro time frame.
Confluence of On-Chain Trends Show Bitcoin Remains in a Macro Uptrend
With Bitcoin’s strong rejection at the pivotal $12,000 resistance, some analysts have been fearful that BTC’s recent price action was nothing more than a deviation from a bear trend.
Key on-chain indicators, though, make it clear that Bitcoin remains in a macro uptrend.
CryptoQuant, a blockchain data startup, recently shared ten of these indicators suggesting that Bitcoin is currently a “buy” from a long-term perspective. The indicators mentioned by CryptoQuant are as follows:
The Fundamental Trends Back Up On-Chain Sentiment
There are fundamental trends to back up the underlying signals Bitcoin users are forming through their usage of the leading cryptocurrency.
Dan Tapiero — a co-founder of Gold Bullion Int. and other firms — recently noted that with gold on track to become an institutional asset class, BTC could also gain steam:
This is one of many fundamental trends that Tapiero has mentioned as a potential driver for Bitcoin’s growth in the years ahead.
Amongst other trends, Tapiero has asserted that the commitment to inflation by the Federal Reserve and the trillions in monetary stimulus from the world’s central banks are primed to drive Bitcoin and gold higher.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com These 10 On-Chain Signals Suggest Bitcoin Is Still Embroiled in a Bull Market
Originally from Bitcoinist.com https://ift.tt/2ZN3mvX
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.