Bitcoin is in the last stage of the bear market, the accumulation phase, according to a report from digital assets fund Adamant Capital.
The current sentiment has recovered from capitulation and the blockchain shows us that Bitcoin HODLers are committing for the long-term again. This is confirmed by our drawdown and volatility analyses, the report states.
While lower prices are still possible, Bitcoins fundamentals are gaining momentum. Embraced by Millennials, its ecosystem is developing at rapid clip, both as a decentralised bottom-up disruptive technology, and as an uncorrelated, highly liquid financial asset for institutional portfolios around the world.
The long term risk-reward ratio for Bitcoin is currently the most favourable of any liquid investment in the world. Adamant Capital reckons that it will trade in a range of $3,000 to $6,500 after which we foresee the emergence of a new bull market.
Supported by over 10 years of infrastructure development, we believe the stage is set for mass market adoption in the coming five years. In our assessment, during this phase (its Windows moment) Bitcoin will become widely recognised as a portfolio hedging instrument and reserve asset, and will begin making significant inroads as a payment network, the report concludes.
These sentiments were recently echoed by Nigel Green, Founder and Chief Executive of financial advisory organisation deVere Group.
Im now calling that the market has bottomed and the so-called crypto winter has come to an end, he said.
I believe it will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.
Last months dramatic jump will attract many investors who have been sitting on the sidelines, he believes. And it will also reignite institutional interest.He added that the crypto space is on the verge of a true global breakout..Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain andcrypto,but with big names within the tech and retail sectors too.
There is increasing acceptance that cryptocurrencies are inevitably the future of money, and the environment is now right for a sustained climb in prices.I think we could reasonably see the Bitcoin price hitting $7,000 in the next few months, he concluded.
The post Bitcoin heads for mass market adoption as Millennials get onboard appeared first on Coin Rivet.
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