The analytical company Delphi Digital has conducted a study, according to which the bottom of the cryptocurrency market has already been passed and a new cycle of Bitcoin exchange rate growth has arrived.
The researchers analyzed the blockchain first cryptocurrency, macroeconomic trends and several options for technical analysis. Judging by the analysis of the bitcoin blockchain, especially by the distribution of unspent transactions by age (UTXO), the bottom of the current cycle has already been passed.
"Analyzing Bitcoin's aggregate UTXO age distribution over time provides insight into the buying and selling patterns of previous market cycles. This allows us to forecast where we are in relation to prior cycles and what we can likely expect going forward,"stated in the report.
According to researchers, the bottom of the market was completed in December last year.
Note that the well-known cryptocurrency enthusiast Anthony Pompliano recently expressed a similar point of view. According to him, the course of the first cryptocurrency can grow 20-50 times in five years. In addition, Brian Kelly believes that Bitcoin is now seeking the next goal - $ 6,000. However, not everyone shares this point of view. For example, Alex Sunnarborg said that the price of the first cryptocurrency will still decline, and the bottom has not yet been passed.