Rumours of a Bitcoin bull run in 2020 are growing. Some analysts are predicting that BTC could reach a record high this year. What is this based on? And who is the whale that has a different opinion?
The Daily Total of Transactions Is Up
One of the key figures shows that the cumulative total of daily transactions has increased in recent times. On 3 February, it reached an estimated value of $3.5 billion. This is the highest level that the Bitcoin network has reached in the last couple of years.
Crucially, the last time this sort of figure was attained was during the 2017 bubble. This is when we saw a massive Bitcoin bull run send the price sky-rocketing. At that point, the total value of transactions passed the $5 billion mark.
It is also a higher number of transactions than were seen during the 2019 rally in June and July. Some experts are taking this as being a sign that more people are adopting BTC. If this is true, it is likely to push the price up if it continues.
A feeling among some BTC investors is that the price of Bitcoin will shoot up if it passes the $10,000 resistance level. Peter Brandt is most followed trader on Twitter, and he has recently posted statistics that seem to point towards a new bull run.
Who Is the Whale That Doesn’t Expect a Bitcoin Bull Run?
Joe007 is the username of one of the most influential BTC whales. He was reported to be the most successful trader on Bitfinex in the last couple of months, earning $20 million in profits over December and January.
He says that the key data isn’t in the amount of daily transactions. According to Joe007, the most important number is that which shows how much fiat money is being moved into cryptocurrencies.
At the moment, he doesn’t think that this figure is big enough to justify the suggestion of an impending Bitcoin bull run. To back up his theory, he points out that the example of the popular Tether. This coin is viewed as being a good indicator of how much new money is entering into cryptos.
Joe007 says that “there isn’t much growth” in USDT since July of 2019. He points out that this would be “very hard to explain” if we were actually in the middle of a new bull market.
As always, there are numerous differing opinions in the cryptocurrency world. Those who make money will be those who correctly guess whether there is a new Bitcoin bull run or not. They also need to act at the perfect moment.