Summary
- Ark Invest has stated that the outlook for Bitcoin this year is optimistic.
- The positive factors mentioned include the upward trend following past halvings and the fact that 62% of the total supply has not moved for over a year.
- In the short term, there is concern about overheating as short position liquidations exceed long position liquidations, which could be the cause of the recent correction.
On-chain analyst David Puell from Ark Invest, the issuer of the Bitcoin (BTC) spot exchange-traded fund (ETF), analyzed in a monthly report on the 14th (local time) that "the outlook for Bitcoin this year is optimistic."
The report explained, "BTC has recorded gains in the year following past halvings, and currently, 62% of the total supply has not moved for over a year," adding, "Despite recent price movements, realized volatility remains relatively low, indicating that there is still room for market expansion."
It further added, "However, in the short term, the scale of short position liquidations was larger than that of long position liquidations, suggesting that the derivatives market may be overheated, which could be the cause of the recent correction."
Meanwhile, BTC is trading at $97,021.99, up 5.33% from the previous day, as of 04:34 on the 15th in the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
