On-Chain Metrics Suggest Bitcoin Bull Run Has Barely Begun, Says Crypto Trader Elliot Wainman
Crypto trader and influencer Elliot Wainman is sharing his thoughts on Bitcoin’s price potential, asserting that the asset is nowhere near its bull cycle top.
Wainman says on-chain metrics reveal that Bitcoin is just catching hold of its “true bullish momentum” after recently staging a recovery from early-March lows.
The cryptocurrency analyst predicts that the flagship digital asset could reach a price of $1 million per coin once the Bitcoin super cycle really kicks off.
“As we enter into May of 2021, which many people feel like might be towards the end of this bull run, I can’t help but feel like we’re on the brink of really crossing the chasm into a Bitcoin super cycle that would not only bring in hundreds of millions, if not billions of users, into crypto but would most likely send Bitcoin to astronomically new highs of hundreds of thousands, maybe even close to that hallowed ground of a $1 million Bitcoin.”
The cryptocurrency influencer argues that the bullish case for Bitcoin is cemented by the fact that the number of BTC moving off exchanges and into cold wallets, where it likely will not be sold on the open market, is still on the rise.
“… this trend of falling Bitcoin on exchanges, the falling supply, is something that has started in early 2020 and is only continuing right now.
This is where on-chain metrics tell the tale that off-chain metrics, hype, FUD, FOMO, and all the media buzz could never help you see through.
Looking on-chain is where you see the truth.”
Wainman also highlights a chart from Our World In Data modified by fellow trader Alex Saunders, which compares the number of people who are actively using crypto to the rise of previous technologies.
“What you see is that we’re just starting to see an uptick here in adoption and that there is no dip here… Crypto’s actual disruption, its actual adoption, has not even started. We’re looking at the earliest days of this technology.”
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