Analysts Point to Market Reset as Potential Catalyst for Bitcoin’s Next Rally

On Aug. 22, technical analyst and creator of the stock-to-flow model Willy Woo posted a chart of Bitcoin inventory on exchanges.

He added that “speculation has been rife creating more paper BTC.” Paper Bitcoin refers to derivatives such as futures andHowever, the market crash in early August flushed out a lot of that paper Bitcoin and leverage which has been keeping markets depressed, he said before adding: In terms of supply and demand, there has been a recovery from short-term bearish to “delicately neutral,” he said before adding:

However, ITC founder Benjamin Cowed pointed out that Bitcoin is pretty much where it should be in terms of progression through the market cycle compared to previous ones.Bitcoin prices hit a weekly high of $61,800 during late trading on Aug. 21. However, the asset has pulled back to just over $60,500 during the Thursday morning Asian trading session.

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