The price of Bitcoin is showing stability above $16,000 after a continuous rally since November 10.
There is little mainstream hype behind the rally.
According to Google Trends, compared to the 2017 rally when Bitcoin hit $20,000, there is noticeably lower mainstream interest.
In contrast, in 2017, the popularity of the same keyword hit achieved 100 points out of 100.Why Bitcoin increasing in price without mainstream hype is optimistic.
In 2017, as soon as mainstream investors entered the cryptocurrency market, an explosive marketwide rally materialized.
When the mainstream demand for Bitcoin begins to pick up, a larger and a prolonged uptrend could emerge.
A pseudonymous Bitcoin investor known as "Mr. HODL" echoed a similar sentiment.
On top of the low mainstream demand for Bitcoin, on-chain metrics are favoring a BTC uptrend in the near term.
According to Glassnode, the number of Bitcoin addresses from senders reached an all-time high.
The confluence of positive fundamental, technical, and macro factors are catalyzing a Bitcoin uptrend.
Bitcoin is stable above $16k with little mainstream hype, and it's very bullish
Publié le Nov 13, 2020
by Cryptoslate | Publié le Coinage
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