A new report by market Delphi Digital has reiterated the firm’s earlier position that Bitcoin has already bottomed. The analysts focused primarily on the percentage of coins not being transacted for more than a year relative to previous market cycles.
The researchers form part of a growing number of analysts who believe that Bitcoin bottomed in December last year. However, some still hold that Bitcoin will move down before it moves back into raging bull mode once again.
Delphi Digital: The Bitcoin Bottom is In
Bitcoin is having a spectacular spring thus far. The leading digital asset has gone from around $4,000 to over $5,500 dollars in about five weeks. Such consistent gains have not been observed since the days of the 2017 bull market. With prices continuing to rise on yet another green day for the leading cryptocurrency, one research firm has published a report stating that the accumulation period following one of the bleakest of crypto winters on record has now begun.
The report by Delphi Digital, a firm specialising in digital asset research and consulting, is a follow up to an earlier Bitcoin market outlook report.
0/ Since December, our team has continued to state our belief that $BTC would bottom by Q1 2019. Today, we are excited to share an updated #Bitcoin Outlook report where we walk through why we continue to believe the bottom is in. Read more here: https://t.co/920MD8d7fk
— Delphi Digital (@Delphi_Digital) May 2, 2019
The company had original released “The State of Bitcoin” in December 2018. It stated that the market would find a bottom before the end of quarter one 2019. The latest research from Delphi Digital corroborates the findings of its predecessor. It says:
“We continue to stand by that call, we believe the market has bottomed.”
The researchers go on to write that that the market in fact bottomed in December last year at around $3,200. They base this conclusion largely on unspent transaction outputs – in other words, how long Bitcoin…