Will Bitcoin Hibernate – Or Hit $100,000 This Year? Altcoin Daily Looks at State of Crypto Markets
Aaron Arnold, co-founder and host of Altcoin Daily, is unveiling why he believes Bitcoin is not yet ready to go into hibernation.
In a new video, Arnold tells his 815,000 YouTube subscribers that he remains extremely bullish on the flagship cryptocurrency amid the sustained growth of the Bitcoin network.
“I’m extremely bullish on Bitcoin. Besides the strong fundamentals: censorship-resistant, decentralized, permissionless, undebaseable that Bitcoin has always had, there’s so much going on in 2021. In my opinion, there’s no way Bitcoin does not make it over $100,000 this year…
Bitcoin has so much going for it. Bitcoin hashrate is up. Bitcoin active addresses are up. Bitcoin balance on exchanges is still very low.”
The crypto analyst also points to the fact that institutions and regulatory bodies continue to embrace the largest crypto asset.
“PayPal, Venmo, plumbing, infrastructure like nothing we’ve ever seen before. The U.S. Comptroller of Currency is in approval mode. They’re regulating it. Regulation equals game on. Regulation means they’re not going to ban it. This is why Wall Street is accepting it. This is why we’re seeing institutions create the plumbing, create the infrastructure. They’re preparing for the next decade not just the next year. CBDC (central bank digital currency) adoption. This is amazing PR (public relations) for Bitcoin.”
Looking at on-chain data, Arnold says that HODLers remain confident in the long-term outlook of Bitcoin as they take the recent market crash as a chance to increase their holdings.
“Long-term HODLers are stacking on this dip. They can tell entities that are ‘long-term HODLers’ because they have a history of buying much more than they ever sell and these people are buying the dip. In fact, to get specific, in the last month, long-term HODLers have added 221,000 Bitcoin to their holdings.”
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