Analysts believe investors are now more willing to hold bitcoin than to convert into legal currency

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Bitcoiners don't want legal currency

As a well-known supporter of Bitcoin, Woo announced new volume data for several bull and bear markets in the history of Bitcoin, highlighting some of the rapidly changing consumer habits.

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Critics disagree on the characteristics of Bitcoin's bull market in 2019. Previous analysis showed that, except for the 2012 bull market, Bitcoin has little in common with the previous cycle.

Woo seems to insist on this view, he pointed out that compared to 2017 and 2014, the actual number of bitcoins moved this year is very small.

On June 2, he wrote on Twitter: "Please note that in this cycle, very few bitcoins change hands."

“I attribute this to the current chain of bitcoin holdings (HODL) activities and more bitcoin locks.”

Then, he said that if the 2012 trend repeats, BTC/USD may find a retracement level at the level of $7,800 and $9000 before the start of a new round of upside recovery.

“Volume support…may be the basis of the main bull market. It’s a big range between $7,800 and $9,000. I won’t say this is a goal. If we repeat 2012, this is only a possible outcome. ," he concluded.

BTC trading volume support

Woo made the remarks at a time when Bitcoin prices suddenly fell. Since then, the market has rebounded, rising 20% ​​to the current $11,400.

As Woo said, one explanation for volume data may be the activity data under the chain.

According to reports, as developers release consumer-facing tools to make bitcoin more accessible, bitcoin use under the chain (mainly through the lightning network) continues to grow rapidly this year.

Twitter and Square CEO Jack Dorsey also expressed support. Dorsey has publicly promised to integrate the lightning network into the products of the two companies.

At the same time, even in the chain, Bitcoin has a record few weeks, and the record volume in June hit a record high, making analysts worried about the bull market regain confidence.

People's attention is still focused on the coming weeks and months, when the launch of institutional products will bring greater transaction volume and popularity to the bitcoin market.

Bakkt, ErisX and Binance plan to launch bitcoin futures this year. The Bakkt exchange, which is owned by the New York Stock Exchange's parent company, the Intercontinental Exchange (ICE), will begin testing in July this year, after the executives were delayed for several months because of executives trying to eliminate regulatory barriers. (Babbit)

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