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Turning Bears Into Bulls: What Next For Bitcoin?

Turning Bears Into Bulls What Next For Bitcoin

Created by TradeOr

Cryptocurrency 20 Jan 2022

It’s been all quiet on the crypto front so far in 2022, but according to analysts, a new bull run could be around the corner. 

Crypto platform PlanB has hosted a poll on Twitter to debate ‘the next leg up for Bitcoin’. Blockstream CEO Adam Back replied that a prevailing factor of support for Bitcoin is the strong supply-and-demand feedback loop. With a capped supply and more investors moving crypto to cold storage, a supply squeeze would be likely to drive prices up long-term. At the same time, Back said, ‘reflexivity’, or the mutual relationship between positive expectations and positive price action, would create a snowballing effect. 

In addition, the poll highlighted other factors that could trigger a new bullrun. These include the creation of a US spot ETF; a country following El Salvador with BTC as legal tender; and the effect of Lightning Network and Taproot upgrades. 

Is it time for the Bitcoin bears to hibernate? 


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