Connect with us

Bitcoin

Bitcoin not ‘rangy’ anymore? Here’s why these exes are singing different tune

Published

on

Source: Unsplash

Top Galaxy Digital officials recently spoke about the current market trends and adoption volume of Bitcoin in an Earnings Conference Call. The crypto-financial services firm remains bullish on crypto-assets in 2022, especially after a series of positive events for the sector.

Galaxy headed for glory?

CEO Mike Novogratz was particularly pleased with the company’s fourth quarter, one which capped off a brilliant year for Galaxy Digital.

“Our Partner’s Capital at $2.6 billion leaves us one of the most equitized, the strongest balance sheet companies in the crypto space.”

In a previous interview, Novogratz had projected a “rangy” year for Bitcoin between $30,000 and $50,000. To the joy of many, the tide has turned altogether for him, with the exec adding,

“…. the innovation we’re seeing in Web 3 and in the Metaverse space, I’ve gotten more constructive than I was at the beginning of the year. And so it wouldn’t surprise me to see crypto significantly higher by the end of the year.”

Source: Trading View

Bitcoin’s bullish performance can be evidenced by its more recent price candlesticks. The RSI indicator, at press time, had a reading of 58.7 – Suggestive of more upside on the charts.

A series of factors have contributed to the same. For instance, some have argued that the Russian invasion on Ukraine has aided Bitcoin bulls during the latest rally. There has also been a sustained increase in adoption rates in many countries despite legal ambiguity of crypto-regulations.

The same was highlighted recently by an analysis of blockchain wallet users, an analysis released by Deutsche Bank.

Source: The Future of Payment by Deutsche Bank Research

The forecasted data is beyond promising, with the same pointing to an uncompromising upward trend in the macro landscape for blockchain technology.

Bitcoin, the world’s largest crypto by market cap, is at the heart of it.

Damien Vanderwilt, Co-President of Galaxy Digital, is also bullish on Bitcoin. And, there is more good reason to be so too. $33 billion were invested in crypto and blockchain start-ups in 2021, more than all previous years combined.

What is Bitcoin’s 2022 prediction?

While the year started sluggishly for Bitcoin, it has revelled in recent weeks with the bulls pushing for $50,000.

The importance of Bitcoin in today’s market was further underlined by Glassnode. In its latest weekly newsletter, Glassnode shared some good news for investors worried about crypto-volatility. According to the Newsletter,

“The longer a coin remains dormant, the more likely it is to remain so.”

This suggest that investors who have held a coin for more than a year are likely to experience “wild price swings” and hence, are likely to be “higher-conviction HODLers.” More importantly, the characteristic volatility of Bitcoin is likely to be advantageous for its price movement.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.