'Bottom is in', says Delphi Digital, while BTC continues to rise

03 May, 2019 | Updated: 03 May, 2019
by Joeri Cant
Bitcoin
'Bottom is in', says Delphi Digital, while BTC continues to rise

According to a report by Delphi Digital, a New York-based digital asset research and consulting firm, the bottom is in for the world's number one cryptocurrency, which continues to rise and is currently trading at $5,562.

The report, 'Bitcoin Outlook', by Delphi Digital repeats the firm’s earlier position that Bitcoin has already bottomed in December last year.

The research company released 'The State of Bitcoin' in December 2018, where the researchers stated that the market would find a bottom before the end of March 2019.

'We continue to believe the bottom is in', the report states, and further points out that the market in fact bottomed in December last year at around $3,200.

The Delphi Digital researchers base their conclusion largely on coins that have not moved in more than a year, which are deemed to be held by long-term holders, which eventually provide support at the true bottom.

They further compared the amount of these long-term holders with the figures observed during the 2015 bottom.

Just last week, Chepicap reported that Tom Shaughnessy, a prominent researcher and co-founder of Delphi Digital said that the next bull run will be far greater than the parabolic bull run of late 2017.

Delphi Digital isn't alone in their believes that the bottom for BTC is already in.

Crypto trader Alec Ziupsnys and his team, which go under the Rhythm Trader handle on Twitter, agree fully with the research and consulting firm and point out that the case for a Bitcoin bottom is simple.

Bitcoin is currently trading at around $5,562 and has seen a surge from around $4,000 to over $5,500 in just 5 weeks.

The world's most popular cryptocurrency has marked April with another monthly increase and closed its first three-month winning streak since Q4 of 2017.

With Bitcoin prices continuing to rise, we might as well go ahead and say it outright, we are in 'Crypto Spring' ... unless we are not?

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Read more about: Bitcoin (BTC)

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