The popular analyst explained why bullish for Bitcoin in a Tweet, along with lots of data. The crypto analyst ranked a lot of data one by one, from PayPal’s cryptocurrency support news to the decline in fiat supply.
Bitcoin Jack, an analyst known for his Bitcoin analysis on Twitter, summarized some of the data he interpreted as a bullish signal for the Bitcoin price in a few tweets and received many likes. “Come now tell me you are bearish in Bitcoin and why,” analyst Jack challenged, adding that he may have missed some data.
Here is the analyst’s bullish data
The analyst expecting an uptrend in Bitcoin summarized the events supporting this trend as follows:
- JPMorgan’s bullish comment for Bitcoin,
- Statement by PayPal that it will support cryptocurrency,
- Iran’s adoption of Bitcoin as a reserve asset,
- Grayscale company will continue its BTC purchases piece by piece,
- News feeds from BitMEX, OKEx, KuCoin exchanges do not affect BTC,
- Supply shock after halving,
- Mention of Bitcoin on Chinese state television,
- Neutral / negative Bitcoin futures despite the annual rise,
- 200-day moving average (200D MA) reaching all-time high,
- The last time Bitcoin active supply reached its highest level 1 year ago,
- Strong decrease in fiat supply,
- The further decrease in value will be seen,
- Bullish market outlook,
- Record drop seen in March.
In addition to these, Bitcoin Jack; Square also cited big companies like Microstrategy starting to buy Bitcoin and investing millions of dollars.