- Bitcoin and other digital currencies are perceived to be in the early phase of a secular bull market by a noted crypto analyst.
- The expert draws parallels between Bitcoin’s adoption journey and the NASDAQ’s historical growth trajectory.
- A persistent increase in Bitcoin’s hashrate moving averages is highlighted as a positive indicator for the cryptocurrency’s price future.
Discover the early signs of a secular bull market in Bitcoin and other digital assets. Understand the historical parallels and future prospects for the cryptocurrency sector.
Bitcoin’s Secular Bull Market: An Early Phase Analysis
An extensively followed crypto analyst contends that Bitcoin (BTC) and other digital assets are only at the beginning stages of a prolonged bull market. Jamie Coutts, serving as the chief crypto analyst at Real Vision, envisions a future where Bitcoin’s adoption continues to grow over the coming decades, much like the NASDAQ’s long-term expansion.
Historical Comparison: Bitcoin vs NASDAQ
Coutts highlights striking similarities between Bitcoin’s launch in 2009 and the NASDAQ’s establishment in the 1970s. He asserts, “2009 is to Millennials what 1982 was to Boomers.” He elaborates that the NASDAQ, initially dismissed, became a serious investment platform by the mid-1980s, ultimately outperforming other markets. In a similar vein, Bitcoin faced skepticism during its initial decade but is now stepping into mainstream acceptance, potentially leading to strong investment inflows and broader asset class adoption.
The Secular Trend of Technological Adoption
According to Coutts, investing in Bitcoin serves as a low-risk strategy to hedge against accelerating monetary debasement. Concurrently, other blockchain assets represent bets on the enduring trend of technological adoption. He underscores that Bitcoin and other cryptocurrencies possess distinct risk profiles and should be treated as separate entities when sizing investments. He maintains a long-term outlook, believing that the secular bull market for these assets is still far from its maturity.
Bitcoin’s Bullish Hashrate Indicators
In his analysis, Jamie Coutts pays close attention to the 30-day and 90-day moving averages of Bitcoin’s hashrate. He notes that these averages are on the brink of completing a bullish crossover, a technical signal often associated with favorable price reversals. “Bitcoin’s post-halving hashrate contraction is on the verge of reversing… Security is growing, which equals a healthy network and is positive for price,” he remarks.
Conclusion
Summarizing the observations, the analyst underscores the early stages of a long-term bullish trend in Bitcoin and the broader crypto market. With historical parallels to the NASDAQ and evolving technical indicators like the hashrate crossovers, investors are advised to consider long-term perspectives. This period of growth is viewed as an ongoing journey, offering substantial future opportunities as the digital asset landscape continues to mature.
