Another day, another Bitcoin record. Hours after Bitcoin surpassed $ 37,000, the world’s largest cryptocurrency also surpassed $ 38,000, recording a new high (ATH) in the process. Understandably, the optimism and upward sentiment in the market is high. On-chain analyst Willy Woo predicts that if the price continues to rise at the same pace, BTC will see a double-pump bull market.
According to Woo, BTC experienced “double-pump” in 2013 due to large capital inflows, while ETH experienced the pumping process in 2017 after large capital inflows. “By 2021, BTC is facing corporate inflows,” Woo added, adding that this double pump happens when large inflows are injected into a “small entity”. In fact, according to Glassnode, there is serious confidence behind this bullish rally, especially as it is driven by long-term BTC owners.
Bitcoin market cap approaching to Facebook and Tesla
In the long run, as Bitcoin holders grow, the store of value narrative becomes more and more important. For example, several institutions such as Fidelity, JP Morgan, Bloomberg, Guggenheim, and Citibank have also adopted Bitcoin as the 2.0 version of gold in the past few months. In fact, the market value of BTC has increased to a level of $ 700 billion. It is approaching Facebook with a market value of 750 billion dollars and Tesla of 716 million dollars. Hence, BTC is an asset that currently has one of the world’s largest market capitalizations.
P.S: This is not an investment advice