Bitcoin is ripping higher despite yesterday’s correction.
The cryptocurrency plunged as low as $30,000 yesterday as buying selling rapidly picked up on platforms such as Coinbase, analysts said. This came after Bitcoin peaked at $42,000 late last week. While Bitcoin is not yet in the clear on a short-term time frame, analysts are starting to think that the bottom is in after key technical signs appear.
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Aleks Larsen, a venture investor at Blockchain Capital, noted recently in an extensive Twitter thread that the on-chain fundamentals for Bitcoin are still strong.
Commenting on Bitcoin’s on-chain trends, the investor wrote:
“6/ Looking pretty good for growth rates in the HODLer segment! Nice and steady growth for BTC through the bear market. Retail is starting to pop in but for most of 2020 this was institutionally driven – less additional holders, but much larger