In the early hours of Beijing time, Bitcoin once again staged a roller coaster story. Bitcoin suddenly rose in the early hours of yesterday, quickly broke through the $9000 mark, but then quickly fell, once fell below $8,200 and fluctuated by nearly a thousand dollars in five hours. Although the arguments that analysts such as Tone Vays have previously expressed that bitcoin will fall back, the following seven main indicators indicate that the bitcoin bull market has officially returned.
1. The fundamentals are testing a new record high
Only after a few bull and bear cycles will the market mature. This harsh "encrypted winter" is a good way to separate those market noises. Speculators who want to get rich quickly have withdrawn from the bitcoin market, leaving Bitcoin to continue to grow.
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In the past 16 months, the use of BTC has been steadily increasing, and the current level of computing power is currently close to 60 EH/s, and the average block size is now far more than 1MB, which is 1.26MB.
2, Google Trends witnessed bitcoin broke out again
Although Google Trends may not yet show the obvious bitcoin FOMO (fear of missing) sentiment, the Bitcoin search index is climbing again. On May 26, when bitcoin rose, bitcoin search volume also skyrocketed.
So far, we are quite clear that the recent round of this rise was driven by the agency. If Tom Lee is right, once the price reaches $10,000, a serious "FOMO" will appear at any time.
3. Institutional investors are preparing for the bitcoin bull market
This time, Wall Street seems to have an unsatisfied appetite for Bitcoin and is firmly involved in this action. Grayscale, the world's largest cryptocurrency asset management company, bought 11,000 bitcoins last month.
Bitcoin currently digs up 54,000 SGD every 30 days, which means the company will receive about 21% of BTC monthly supply.
4. The cumulative amount of Bitcoin has increased since last year.
According to Diar Analytical's research, bitcoin accumulation has steadily increased over the past 12 months. The number of wallet addresses holding between 1000 and 10,000 bitcoins increased by 7%.
Coinbase stores 760,000 bitcoins in its cold wallet storage facility. More than a quarter (26%) of Bitcoin circulation is currently spread across a variety of high-capacity wallets. Again, this looks like an important preparation for the bitcoin bull market.
5. The volume of transactions hit a record high
This year, institutional trading volume is setting a new record every month. Most importantly, bitcoin transactions from South Korea on the LocalBitcoins platform hit a new high yesterday, exceeding 218 million won ($183,000).
6. Big companies are using bitcoin
When it comes to big companies that use bitcoin, there is no bigger than Microsoft. This month, Microsoft unexpectedly announced that it will be created alongside the Whole Foods, eBay and Facebook in the Bitcoin blockchain. It is only a matter of time before cryptocurrency moves to the public.
7. Look at this price
In May 2019, the price of bitcoin was like paradise, and the price of bitcoin rose from about $5,300 to more than $8,000. As cryptocurrency trader and investor Josh Rage commented, if Bitcoin closes at $8,975 or higher this month, it will rise by more than 70.37%. This will also make Bitcoin the best month since November 2013.
Ladies and gentlemen, these signs will not lie, and the bitcoin bull market has been fully launched.