Crypto trader and influencer Elliot Wainman shares his thoughts on Bitcoin’s price potential and claims the asset is not near the top of the bull cycle.
Bitcoin Captures Real Uptrend Momentum
Wainman says measurements on the blockchain revealed that Bitcoin was recently capturing “real bullish momentum” after a recovery from early March lows.
The cryptocurrency analyst predicts that the flagship digital asset could reach a price of $ 1 million per cryptocurrency when the Bitcoin super cycle really begins.
“As we enter May 2021, I wouldn’t say clearly, as many people think this bull run is towards the end, but I really feel like we’re on the verge of moving from a cliff to a Bitcoin super cycle. It will not only bring hundreds, if not billions of users, into the crypto space. It will also likely move Bitcoin astronomically to high levels of hundreds of thousands of dollars, perhaps even to the ground of $ 1 million.
The cryptocurrency trader argues that the bullish situation for Bitcoin is reinforced by the fact that the number of BTC moving from exchanges to cold wallets is still on the rise.
“… The downward trend in bitcoin exchanges, the falling supply, is something that started in early 2020 and only continues at this time. Blockchain metrics are actually where you see reality. ”
Wainman also points to a chart from Our World In Data modified by fellow trader Alex Saunders that compares the number of people actively using the cryptocurrency with the rise of previous technologies.
“What you are seeing is that we are starting to see an increase in adoption here and there is no decrease here. The moment when crypto will have a real break, the real adoption has not even begun yet. We are in the early stages of technology. “