- BTC Repeat the 2020 March Market reaction.
- Since falling to $47,250 earlier today, Bitcoin has recovered $53,000 levels.
- In the meantime Raoul Pal investor claims that Bitcoin is “hitting cyberspace.”
- An almost as large as March 2020 is Bitcoin”
Raoul Pal, the founder and CEO of the Global Macro Investor and Real Vision Group, took Twitter to share his opinion on Bitcoin’s current role in the market.
In March 2020, as Black Thursday took place, the global flagship cryptocurrency seems almost outdated. Bitcoin is down 50 percent in a day to less than $4000.
He tweeted that RSI resembles the rate it reached in 2017 before the “hitting cyberspace” of Bitcoin in the rally.
Overall, Pal thinks this is healthy because it refreshes a bull market.
President at Queens College of Cambridge University and advisor to Allianz and Gramercy, Mohamed A. El-Erian, claims that the recent seven-week low of $47,250 reached by Bitcoin and the rise to $53,000 that followed was due to technological factors and “the long-standing tug-of-war between private sector acceptance and public sector hesitancy.”
Elevated number of investors of Bitcoin
Meanwhile, according to the Glass node chart posted by Moskovski Capital CIO, the number of Bitcoin holding entities has risen to the third biggest amount in the history of BTC.
During the recent coinbase listing in the Nasdaq, Lex Moskovski believes that the Bitcoin Entities Net Growth index has increased.
This index displays individual owners and not multiple owner of new Bitcoin addresses.