With Bitcoin falling on Tuesday (August 18) from an intraday high of $12,397 to $11,890, where it is now, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence (BI), Bloomberg’s research arm on the Bloomberg Terminal, has some reassuring words for BTC HODLers.
According to data from CryptoCompare, at 01:00 UTC on Tuesday, Bitcoin was trading around $12,397. By 06:25 UTC on Wednesday, Bitcoin had fallen to an intraday low of $11,626.
Currently (as of 13:08 UTC on Wednesday), Bitcoin is trading around $11,890, which means that it is down 2.93% in the past 24-hour period:
For those people that might think this most recent correction in the Bitcoin price is a cause for concern, Bloomberg analyst McGlone has some reassuring words: it would take “something unexpected” to stop the juggernaut that is Bitcoin since demand for and adoption of Bitcoin keep going up whilst Bitcoin’s supply is limited to 21 million coins:
Another person that remains very bullish on Bitcoin is Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, who said earlier today that people don’t need to worry about a huge Bitcoin sell-off similar to the one that occurred on “Black Thursday” (12 March 2020) since BTC reserves at crypto exchanges are at year lows and Bitcoin miners do not seem to be desperate to sell their BTC:
On-chain market intelligence startup Glassnode published a newsletter on Monday (August 17) that said the “percentage of bitcoin UTXOs in a state of profit has surpassed 97% as BTC’s price continues to increase,” and explained why this is significant:
Historically, when the percentage of UTXOs in profit crosses the 95% threshold, BTC sees significant gains over a short period of time – usually around 2-3 months, although sometimes shorter.
And finally, a short time ago, Gabor Gurbcas, the digital asset strategist/director at VanEck/MVIS, provided those in the crypto community with this reminder of what he consider’s Bitcoin’s most important attributes:
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.