Six Reasons to Remain Bullish on Bitcoin (BTC) Despite Recent Price Correction

Siamak Masnavi

On September 26, in the middle of a week during which Bitcoin (BTC) lost approximately 20% of its value, Hans Hauge, a Senior Quantitative Researcher at Ikigai Asset Management, found multiple reasons (based on fundamentals) to remain bullish on Bitcoin.

Based on data from CryptoCompare, Bitcoin started last week at $10,011 and finished it at $8,051:

BTC-USD 2-Week Chart on 30 Sep 2019.png

Around 00:00 UTC on September 26, Hauge took to Twitter to calm down those people who are worried about Bitcoin's latest price correction. This was how he started his Twitter thread:

He then proceeded to give five other reasons why investors might want to remain bullish on Bitcoin:

  • Bitcoin hash rate is at an all-time high (despite a minor hiccup on September 24):
  • The Bitcoin inflation rate continues to fall (in log scale):
  • The Bitcoin price continues to rise (in log scale):
  • Quantitative easing in the U.S. looks set to continue:
  • Bitcoin development activity (based on data from GitHub) is still taking place at a healthy pace:

Hauge concluded this thread by saying that based on these reasons he is going to continue HOLDing Bitcoin:

Another person at Ikigai who is quite bullish on Bitcoin's prospects over the next 18 months is Travis Kling, the company's Chief Investment Officer, who told Yahoo Finance in an interview on September 27:

Hard to say what happens between now and the end of the year... but it is our base case that bitcoin makes a new all-time high in the next 18 months -- that’s $20,000.


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Weekly Newsletter

Bitcoin Below $10K: Crypto Analyst PlanB Says 'Ignore the Noise, Focus on the Signal'

Siamak Masnavi

On Monday (February 17), as Bitcoin continued its fall below $10,000, popular pseudonymous analyst "PlanB" (@100trillionUSD) advised his followers on Twitter to keep their eyes on the big picture.

Bitcoin didn't have a great weekend.

According to data from CryptoCompare, Bitcoin started the weekend at $10,343, and ended it at $9,872, as you can see in the price-chart below:

BTC-USD 2 Week Chart on 17 Feb 2020.png

For holders of Bitcoin, the pain continued on Monday. By around 14:00, when PlanB took to Twitter, Bitcoin had fallen to $9,609:

BTC-USD 24 Hour Chart on 17 Feb 2020.png

This is when PlanB told his Twitter followers to "ignore the noise" and "focus on the signal":

In a Medium blog post published on 19 March 2019, PlanB talked about scarcity in terms of the stock-to-flow (SF) ratio -- where stock is "the size of the existing stockpiles or reserves" and flow is "the yearly production" -- and used this to model Bitcoin's value.

He wrote:

The predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000. That is quite spectacular. I guess time will tell and we will probably know one or two years after the halving, in 2020 or 2021.

In a tweet sent out last Monday, PlanB said that he expected the price of Bitcoin to be over $10K by the next block mining reward halving (expected on 12 May 2020), at which point he expects the major bull run to start, taking the Bitcoin price all the way to $100K before the end of 2021:


Featured Image by "geralt" via