Bitcoin owners have had many things to worry about over the past months. For instance, the price of BTC has tumbled by some 50% since June of this year, falling as low as $6,600 from $14,000. Also, there’s been increasing regulatory scrutiny from some of the world’s most powerful governments and entities due to Facebook’s foray into cryptocurrency, along with China’s announced intentions to launch a digital currency.<\/p>\n
Though, a top researcher working in the industry has recently aimed to reassure BTC<\/a> “HODLers,” releasing an extensive Twitter thread showing that the cryptocurrency’s long-term fundamental uptrend should remain intact.<\/p>\n Hans Hauge, a senior quantitative researcher at Los Angeles-based crypto fund Ikigai Asset Management, recently<\/a> gave a confluence of reasons why he remains bullish on the leading cryptocurrency.<\/p>\n He first drew attention to the below chart from a director of Visa about Bitcoin and cryptocurrency, which was published in a report written by Deutsche Bank, the 17th largest bank in the world. In it, they estimated that the number of users of Blockchain Wallet (blockchain.com) could surmount over 200 million \u2014 around six times higher than where the sum currently is \u2014 by 2030. (The same report also included an opinion from a Deutsche Bank analyst, who said that Bitcoin could replace fiat should issues persist<\/em> in the financial system.)<\/p>\n https:\/\/twitter.com\/hansthered\/status\/76351232<\/p>\n Hauge also looked to the fact that the CEO of Bakkt has just become a U.S. Senator, meaning that Bitcoin could get its own cheerleader in Washington.<\/p>\n He also noted that BTC is “actually pretty close to where it should be,” in reference to a model that takes the number of “Bitcoin transactions ever confirmed and use that as an input into a log-scale linear regression model.”<\/p>\n And that wasn’t all. The researcher also noted that with the halving approaching, HODLers keeping their coins locked up, the Reserve Risk indicator suggesting a long-term buying zone forming<\/a>, and price holding relatively strong, he would be inclined to believe that the future looks bright.<\/p>\n Hauge’s cheery outlook is consistent with that of Ikigai’s CIO and founder, Travis Kling. The former Wall Streeter told<\/a> Yahoo Finance in October that by\u00a0late-2020 or early-2021 \u2014 around 18 months from now \u2014 the Bitcoin price is likely to have surmounted $20,000 for the first time ever.<\/p>\n Kling’s theses about the impending appreciation in the BTC price are centered around the idea that the world’s central banks will continue to adopt “unorthodox” monetary and fiscal policy, favoring a decentralized form of money and savings vehicle, that being Bitcoin.<\/p>\n It isn’t only the Ikigai researcher that has recently noted that the long-term trend favors bulls.<\/p>\n Per previous reports from NewsBTC<\/a>, Philip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin,\u00a0recently issued a 10-part thread<\/a> on the sentiment that BTC is trending long-term positive. He first drew attention to the fact that Bitcoin is holding above its 350-day simple moving average; this is important as the price moving and holding above this moving average \u201chas always indicated the start of Bitcoin bull markets.\u201d<\/p>\n 2\/ Price moving above the 350DMA has always indicated the start of Bitcoin bull markets.\u00a0<\/p>\n Unusually we just came back to retest it – the price we pay for going up too high back in May this year.\u00a0 Thanks a lot Plustoken crew! pic.twitter.com\/LU4GBF0jd5<\/a><\/p>\n — Philip Swift (@PositiveCrypto) December 5, 2019<\/a><\/p><\/blockquote>\nBitcoin’s Future Looking Bright<\/strong><\/h2>\n
Shared Bitcoin Outlook\u00a0<\/strong><\/h2>\n
Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern<\/a><\/h6>\n
Technicals Also in Bulls’ Favor<\/strong><\/h2>\n
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