These 3 Simple Reasons Suggest Bitcoin Is Ready to Surge Higher

Although there are many investors anticipating Bitcoin will fall once again, citing the global uncertainty that is epitomized by the Dow Jones’ record 3,000-point loss on Monday, there are some reasons to believe the cryptocurrency may soon mount a recovery.

Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions

3 Reasons Why Bitcoin Could Soon Rally Higher

Prominent cryptocurrency analyst Trajan recently shared three reasons why being long Bitcoin is a “decent bet” at the moment.

There Are Other Reasons to Be Bullish

There are other reasons to be bullish on Bitcoin.

Bitcoin became fundamentally undervalued for the first time since the 2018 bottom, with two indicators from digital asset manager Charles Edwards — daily active users and transaction value per Metcalfe’s law — now trending above the price of BTC.

This has been backed up by Charlie Morris of ByteTree, who on Thursday remarked that Bitcoin’s fair value, derived from the on-chain activity metrics and how many coins there are in existence, then sat at $6,400, far above BTC’s current (as of the time of this article’s writing) price of $5,300.

Furthermore, on March 16th, Bitcoin infrastructure startup Bakkt announced that it has just completed a $300 million USD Series B fundraising round, garnering the support of the Intercontinental Exchange (owner of the New York Stock Exchange), Microsoft’s venture capital arm M12, and Boston Consulting Group. These companies participated in the firm’s Series A round, which saw Starbucks chip in.

Related Reading: Scarily Accurate Fractal: Bitcoin Will Trade at $20,000 By Q1 2021

So while cryptocurrencies may be losing their value at a rapid clip, it is clear that big-name investors see Bitcoin and its ilk as anything but dead.

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