In line with a recent official report published by ‘Adamant Capital’, the cryptocurrency bearish market is turning down and is in within its ending stage, probably the accumulation phase.
According to the report, this accumulation phase is predicted to bring bitcoin [BTC] to trade the passageway between $3,000 USD and $6,500 USD till the new bullish market gains ground. The researchers added that the Bitcoin [BTC] whales are presently accumulating the leading crypto-currency that echoes the bearish market from 2014 to 2015.
The analysis reportedly showed that the majority of retail traders have left the present market, whereas agnostic traders as well as the long-term investors have became dominant. That reportedly fits Bitcoin [BTC] volatility lows analysis, whereby recent Bitcoin [BTC] 60 day volatility dropped below 5% -a level not seen since 2016.
While explaining further, the report added:
“During the accumulation phase, the market can trade a range: the weak hands, who try to urge out of the market, take profit throughout rallies and therefore create the resistance, along with the strong hands, wanting to accumulate, purchase at the lowest price ranges that eventually creates a floor within the piece.”
Millenials are one among the key drivers of the cryptocurrency market growth, the report says, as 92% of this generation doesn’t trust banks and also the majority of Bitcoin [BTC] purchasers are also millennials. The researchers forecasted that bitcoin would see mass adoption within the coming 5 years, additionally as becoming widely known as a portfolio hedging instrument and reserve asset.
As ‘reported‘ earlier, analysis by blockchain-focused firm named ‘Clovr’ revealed that cryptocurrency investment is most well liked among millennials earning from $75,000 USD to $99,999 USD annually. Millenials are reportedly nearly double as likely as any other generation to take a position in digital currencies, with around 43% of men along with 23% of women investing in cryptocurrency assets.
Another poll by cryptocurrency finance firm named ‘Circle’ showed that around 25% of millennials aforesaid that they’re curious about buying digital currencies over the upcoming 12 months, that sets them apart except from generations by more than 10%.