Report Says Bitcoin Bear Market is Over, Accumulation Phase Started
As per the report from digital asset fund Adamant Capital on 18th of April which concludes that Bitcoin bear market is winding down and is in its final stage which is termed is Accumulation stage.
According to the report the Accumulation Phase was expected to bring the Bitcoin (BTC) trade value somewhere between $3000 and $6,500. Unless and until the new bull has gained the market grounds.
As per the researcher’s suggestions, Bitcoin Wales are the current accumulator of the leading Cryptocurrency in the market.
A recent analysis report confirmed that the loss of retail traders is continuing to leave the current market. While the long-term and the agnostic traders are have proved to be the most dominant investors.
With this, the volatility of Bitcoin in recent months dipped below 5% which was not seen since the year 2016.
The report further explains:
“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”
Millennials are one of the key drivers and have an important role in Cryptocurrency market growth. This is happening because 92 percent of this generation does not have trust in the banks and surprisingly the majority of the bitcoin buyers are also millennials.
As per the researchers forecast Bitcoin will experience mass adoption in the coming five years and also will be widely recognized as a reserve asset and portfolio hedging.
Cryptocurrency is most popular amongst the millennials as they earn around $75,000 to $99,999 annually. The millennials include a total of 43 percent of men and surprisingly 23 percent of women’s investing in the Crypto market.
