Delphi Digital, a blockchain research and consulting company, has released a report that says that Bitcoin (BTC) is still the “King of the Asset Class”. The report reviews Bitcoin’s performance over the past 4 months, which has seen gains, and compares it to other assets. The report said,
The acceleration in BTC’s performance comes at a time when conventional risk assets, notably global equity markets, continue to see selling pressure […]. May’s outperformance has been especially important given the broader weakness across many other asset classes.
It also makes note of Bitcoin’s lack of correlation with traditional market factors, which it says has so far been proven to be true. The company also said in January 2019 that Bitcoin would bottom out in Q1 2019 after analyzing unspent transaction outputs (UTXO) on the Bitcoin blockchain.
0/ Using UTXO age dynamics across market cycles, we attempt to time a price bottom for #Bitcoin by understanding when selling pressure from long term holders will wane. Our analysis suggests a likely bottom for $BTC in Q1’19 (see report for detail)https://t.co/YSUA4rIt7a
— Delphi Digital (@Delphi_Digital) January 10, 2019
Several experts agree that Bitcoin has gone past its bottom and that it is on the path towards much higher values. Tim Draper believes that Bitcoin will reach $250,000 by 2023, while Mike Novogratz of Galaxy Digital has a more conservative and shorter time frame prediction of Bitcoin reaching $20,000 in about 18 months.
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