XRP Price Can Outperform Bitcoin in the Short Term — Here’s Why

Bitcoin (BTC) price sidewards action of late has been a hunting ground where whales can easily liquidate misinformed traders on leverage trading platforms. Without decent swings, any asset can become boring.

But let’s not forget BTC isn’t the only cryptocurrency out there as several altcoins are currently staging somewhat of a comeback. However, there’s one coin that doesn’t seem to be having a good time lately, namely XRP, the fourth-largest digital asset by market capitalization.

So in today’s analysis, I’m going to look at whether holding XRP is likely to be more fruitful than BTC in the short term.

Daily crypto market performance. Source: Coin360.com

The bigger picture for Bitcoin

Starting out with the weekly chart, one can see why the bears favor this timeframe. Bitcoin is forming a massive pennant that is far clearer now than it was before the March 12 black swan event.

BTC/USD 1-week chart. Source: TradingView

Typically, pennants break towards the end of the pattern, sometimes a little before. However, they are invalidated after. As things stand for Bitcoin, a breakout or breakdown could occur any time between now and approximately September 2021, 14 months from now.

With the current price around $9,156, a small 6% increase would put Bitcoin on the resistance line, and this is why we have failed to reclaim $10K. But at this rate, reclaiming just $9,750 would be a welcome breakthrough for the bulls.

On the flip side, there is a massive 47.42% gap from the current price to the support of the pattern. This puts a figure of $4,500 as a potential target, which may be a great opportunity to stack some sats. But is this just wishful thinking from overly aggressive bears that shout “burn this Ponzi to the ground?”

More bearish news for Bitcoin

BTC/USD 1-day chart Source: TradingView

The 1-day chart can be interpreted as equally bearish for Bitcoin. Using the Fibonacci retracement tool from the March 12 dump to the last time $10,500 was rejected, the price is still above .236. But should this level fail, then the .382, 50%, and .618 Fibs are where the action is, and this puts support levels at $7,900, $7,150 and $6,350, respectively.

While none of us hodlers want to see $6,350 or $4,500 Bitcoin, you can’t ignore the charts. However, the bull in me sees that just a 13% uptick in the price of Bitcoin is needed in order to reach the multi-year resistance of $10,500.

So what is more likely? Number go up? Or number go down?

Short-term resistance for Bitcoin

BTC/USD 1-hour chart Source: TradingView

In the short term for Bitcoin, and using now the 1-hour chart, as well as the Fib levels from the tip of the June 23 pump and the $8,800 bottom on June 27, we can see that Bitcoin has broken the 382 (as I type this article). Thus, following the Fibonacci structure would put the most likely resistance levels at $9,300 on the 50% Fib and $9,420 on the 618.

Should Bitcoin continue on an upward path, reaching the top of the Fib at $9,794 would invalidate the pennant structure and also wipe out the chance of $4,500 to boot.

Once the bulls are in control, then $12K Bitcoin is the next key level to break, and when all is said and done, this is still only a 25% increase in price. Which brings me to Ripple’s XRP, an altcoin that has piqued my interest.

XRP is the new XRP

XRP/USD 1-week chart. Source: TradingView

At first glance, the XRP chart looks like any other altcoin. A huge 2017 spike followed by a monster downtrend. Anyone that looks at this chart would draw the same conclusion that this project is dead.

But is the fourth-biggest digital asset by market cap really dead? Or is it the investment opportunity of a lifetime?

Using the Fib with a massive pinch of salt, the first target being the 382 is $1.33. With XRP currently trading at about $0.175, that’s approximately a 750% ROI. If the price continued to the 50% retracement, then that’s 900% and a massive 10x gain if it was to reach the .618 level.

I like those numbers, and since XRP is somewhat of the “Ralph Wiggum” of crypto, responding rather slowly after Bitcoin and Ethereum make their moves, and remaining stagnant for the majority of 2017, this could be a great speculative investment as Bitcoin looks like it’s close to its top.

The downside for XRP

XRP/USD 1-week chart. Source: TradingView

Moving down to the 1-day chart for XRP and the downside doesn’t look that great. If $0.16 support fails to hold, $0.10 XRP is what the Fib retracement tool shows as a potential target.

However, there is massive buying and selling pressure for XRP on Bitfinex, between $0.17 and $0.18 with no big orders below $0.17, according to the Tensorcharts orderbook heatmap.

XRP/USD heatmap. Source: Tensorcharts

This all leaves me asking the question: is the bottom in for XRP? But also, are we close to the top for Bitcoin?

Obviously, XRP hasn’t won as many hearts and minds as BTC as it’s generally discounted by the crypto community due to its centralized nature, Ripple’s regular monthly sales from its escrow and its “XRP Army” supporters.

Nevertheless, XRP is currently at mid-2017 levels while Bitcoin is already at December 2017 prices. So which horse looks better to bet on at these levels? Obviously, you should DYOR. But as Warren Buffet once said: “be fearful when others are greedy, and greedy when others are fearful.”

Bullish scenario

For Bitcoin, the first level of resistance is at $9,450. However, should we break this, then $9,750 is where bulls need to push toward to regain control.

Bearish scenario

Defending $8,900, which is the 236 Fib is massive for Bitcoin right now. Should this level fail, I would be looking at $7,900 as a very real target should the bears win this battle.

The views and opinions expressed here are solely those of @officiallykeith and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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SiGMA’s biggest iGathering is back with a bang • This Week in Gambling

The networking event will host the iGaming & Emerging Tech community and friends of SiGMA for a ‘post-pandemic’ conversation as SiGMA launches its new calendar of global events

SiGMA Group has announced a new iGathering event to be held in Malta on 17th July 2020. This exclusive event will bring together 500 friends and leaders from the worlds of iGaming and emerging tech to celebrate the global expansion of the SiGMA and AIBC Summits ahead of the inaugural SiGMA LATAM Digital Summit, taking place September 22th-24th 2020 and SiGMA Europe, held in Malta on November 17th-19th. Plans for SiGMA Asia are also in the works for May 2021 following an official endorsement from Philippine regulator, PAGCOR.

Alongside the official announcement of SiGMA Group’s global calendar of events for 2020-21, the event brings the iGaming and tech community, together with friends of SiGMA for an evening of premier networking.

Held in the beautiful outdoor piazza at the Montekristo Estates, welcome drinks will be served from 7pm onwards, before VIPs, clients and partners enjoy a sit down dinner, followed by an after party.

It’s also business as usual for SiGMA Group, with networking opportunities high on the menu – the events company is renowned for its matchmaking iGathering events, facilitating growth and new business opportunities for the global iGaming and emerging tech sectors. As Malta lifts limits on public gatherings, and flights open up across Europe, now feels like the right time for SiGMA Group to resume its calendar of events as it moves forward in a new era of business.

Eman Pulis, Founder and CEO, SiGMA Group, commented, “Our 2020 vision brings a clear view of the future for SiGMA Group and our friends and partners who join us as part of our global events roster. We’re keen to celebrate the incredible progress realised by our teams in transforming our business into a global tour-de-force, as well as the close relationships we’ve developed with so many amazing people and businesses across the various sectors in which we operate. It has been a tough few months for the industry, but now we hope to move forward together, stronger and wiser.”

Tucked away in this quiet village, the elegant piazza exudes an intimate feel, bringing luxury to this spectacular Mediterranean outdoor setting.

 

The event is exclusive for 500 people and if you would like to be part of it, please email Emily.

 

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source https://cryptonews.wealthsharingsystems.com/2020/07/sigmas-biggest-igathering-is-back-with-a-bang-%e2%80%a2-this-week-in-gambling/

Analyst Expects Bitcoin Price to Break Below $8,500; Here’s Why

• Bitcoin is maintaining its interim support level near $9,100, but an analyst expects the price to break bearish towards $8,500.
• The trader forecasted the downside move days after Bitcoin established a second-quarter top near $10,500 on June 1.
• The cryptocurrency has since accurately moved as predicted, further raising the possibility of a breakdown ahead.

Bitcoin may undergo an aggressive sell-off in the coming weeks.

The downside risks surface as the benchmark cryptocurrency cautiously trades above $9,100, accompanied by lackluster volume and record-low volatility. Traders are showing a clear bias-conflict, unable to open traders in either direction as the price action becomes almost motionless.

An $8,500 Bitcoin

The ongoing sideways trend prompted one analyst to predict further downside moves in the Bitcoin market. It is the same trader who, on June 3, accurately forecasted a bounce towards $10,000. His later predictions about an extreme pullback also came true.

The analyst now sees Bitcoin extending its bearish correction towards $8,500 or lower. In a chart published ahead of the New York trading session Wednesday, he highlighted the cryptocurrency leaving behind a trail of lower lows and lower highs, indicating a downtrend.

Bitcoin chart showing its extended negative trend following a rebound from $10,500 on June 1. Source: CryptoCapo, TradingView.com

He also spotted levels that served as the last point of supply (LPSY) in the market. As shown in the chart above, each of Bitcoin’s local pullback levels flashed traders’ inability to inject money into the market. That reflected their underlying conflict towards a bull market.

“Consolidation below $9,300 and it should go to the range low ($8200-8500),” the analyst said in early June. “That would be the decision point, in order to know if it’s SOW or Spring.”

He added that breaking below $8,200 could also expose Bitcoin towards lower levels, starting with $7,000 and bottoming near as low as $1,000.

More Bearish Signals

Bitcoin’s flat price action also prompted other market observers to see its price declining in the coming sessions.

Josh Olszewicz, an analyst associated with Brave New Coin, said in a Wednesday tweet that he finds bias in an “awkward spot.” He highlighted bitcoin’s weakening bullish momentum using a popular technical indicator known as the Ichimoku Cloud.

“Cloud still shows weakening bullish momentum. If you are bearish, you want an e2e to 7.1. If you are bullish, you want a TK cross [to] recross above Cloud  with a $13k target.”

Bitcoin price chart showing its Ichimoku Cloud indicator pointing to a weakening upside momentum. Source: Josh Olszewicz, TradingView.com

Meanwhile, the analyst who predicted a bitcoin price plunge towards $8,500 also noted that invalidation of his forecast would push the cryptocurrency back above $10,000.

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source https://cryptonews.wealthsharingsystems.com/2020/07/analyst-expects-bitcoin-price-to-break-below-8500-heres-why/

Major Economic Data Releases Tomorrow — How Would Bitcoin Respond?

• Bitcoin has started the third quarter mutely as its price fluctuates in a small $6-range.
• The cautious sideways movement surfaces ahead of the U.S. Non-Farm Payrolls (NFP) report releasing on Thursday.
• Observers expect a recovery of at least 3 million jobs in June, a piece of news that may help the S&P 500 and Bitcoin continue its rally into the new week.

The price of Bitcoin on Wednesday rose modestly, signaling that the cryptocurrency will start the third quarter on a cautious note after closing the previous one more than 40 percent higher.

The BTC/USD exchange rate surged 0.16 percent to circa $9,151 on hopes that Federal Reserve would continue its stimulus program beyond the July expiry. The climb, nevertheless, failed to turn into an extended upside move as traders also assessed the rising number of COVID cases and its impact on the U.S. economy.

Bitcoin maintaining support above $9,100. Source: TradingView.com

Bitcoin has so far reacted optimistically to the Fed’s decision to inject $3 trillion via the purchase of Treasury bonds and mortgage-backed securities. The cryptocurrency surged by more than 150 percent from its mid-March low after the central bank’s intervention.

The bullish behavior now looks poised to persist in July as the Department of Labor releases its Non-Farm Payroll report on Thursday.

Recovery in Jobs

Bitcoin, as well the U.S. stock market, is focusing on the Automatic Data Processing employment change in June.

Observers noted that the largest U.S. payroll company expects to have employed 3 million Americans in June after sacking 2.76 million in May and 19.557 million in April. The recovery in employment data may prompt the Fed to pursue a wait-and-watch approach at least until the end of July.

It is also because of the outcome of a Summary of Economic Projections (SEP) that shows “a general expectation of an economic recovery beginning in the second half of this year.”

Nonfarm Payroll Precast: We expect private nonfarm payrolls to surprise on the upside as more businesses reopen across the US.https://t.co/PHMBcC6pjH pic.twitter.com/dQkyPElBTl

— DeepMacro (@DeepMacro) June 30, 2020

Futures tied to the S&P 500 reacted as cautiously as Bitcoin to the U.S. NFP release, plunging by 0.42 percent ahead of the New York opening bell Wednesday. FXStreet analyst Joseph Trevisani noted that the benchmark index would benefit from a positive employment report, nevertheless.

That leaves Bitcoin with a short-term bullish bias. The cryptocurrency’s downside corrective has lately slowed down near the $9,000-9,100 range.

Meanwhile, a rise in the S&P 500, a market that has formed a positive correlation with Bitcoin, may prompt traders to push the crypto’s price into a new range to the upside.

Risks

The Fed chairman Jerome Powell on Tuesday cautioned the economy against expecting a full-fledged recovery. He cited the resurgence in COVID cases in California and Florida that sent the states into a fresh lockdown phase.

Mr. Powell, however, confirmed that his office expects to introduce additional relief packages for “certain industries” should the situation require.

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source https://cryptonews.wealthsharingsystems.com/2020/07/major-economic-data-releases-tomorrow-how-would-bitcoin-respond/

As ETH Fees Remain High, Trader Reminds Community “Ethereum Hasn’t Won Yet”

If you’re one to focus on transaction fees, it’s been a tough past few weeks for Ethereum.

The network has been subject to an influx of adoption over recent weeks. Santiment, for instance, has reported the highest daily active address count in over two years. Similarly, the daily number of confirmed Ethereum transactions recently surpassed one million.

Ethereum transaction fees have skyrocketed as a result. According to data shared by Tradeblock, the cost of transacting on the network is at multi-year highs:

“With the rise in DeFi apps, majority of which are built on Ethereum, ether gas fees hit recent highs, meaning transaction costs across the network have risen in order for timely transactions to occur.”

Ethereum proponents are currently mixed over how developers should respond.

Some say that the high fees are a good thing, as they imbue ETH with more demand and accentuate Ethereum’s strong fundamentals. Others say high fees are a crucial issue that needs to be solved as soon as possible.

“Ethereum Hasn’t Won Yet”

Even after a strong pullback from the local highs, transaction fees remain unbearable to many.

Agreeing with many other users, the Head of Business Development at Kraken’s futures division, Kevin Beardsley recently wrote:

“I have spent $14 on ETH gas fees to transfer/lock my $15 into @CurveFinance and I’m earning a princely $0.079 in weekly $SNX rewards. I’ll break even in just 177 short weeks! (not including gas to close contracts.”

Some stakeholders don’t seem to be proactive in mitigating high fees as fast as possible.

One commenter said that “there’s no point in raising the gas limit to try and lower fees. Blocks are going to get filled right back up due to large financial incentives on-chain.” Others have been silent on fees, seemingly indicating a “this is fine” attitude.

Scott Lewis, the co-founder of Concourse Open Community, says that this attitude and complacency may be dangerous.

The trader and industry executive wrote in a comment published June 30th:

“Overall the Ethereum community is wayyyyy too overconfident about people paying high gas fees if reasonable alternatives exist. Watching Ethereum overtake Bitcoin has been fun. Watching the Ethereum community fall for the same overconfidence trap that befell Bitcoin is scary. Like… wake up. [it] hasn’t won yet.”

That’s to say, Lewis thinks the community may be somewhat naive thinking that retail investors won’t opt for alternative platforms should transacting ETH become too expensive.

What Are the Solutions?

In the short-term, the best way Ethereum can begin to combat the fast(er) and cheap(er) transactions of other chains is through layer 2 solutions. Like Bitcoin has the Lightning Network, Ethereum has its own networks built on top of the mainchain.

Kelvin Koh, a partner at the Spartan Group, recently identified Skale Network as a viable layer 2 solution for Ethereum. There are others, though Skale is a solution to a pertinent problem that just launched.

Timely launch for Skale Network as Ethereum is badly in need of layer 2 solutions to alleviate network congestion and high fees. https://t.co/boZIc40eeS

— SpartanBlack (@SpartanBlack_1) July 1, 2020

In the longer run, a successful transition to Ethereum 2.0 — a new iteration of the network focused on latency and throughput — may amend the fee concerns for good.

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Price tags: ethusd
As ETH Fees Remain High, Entrepreneur Says "Ethereum Hasn't Won Yet"

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source https://cryptonews.wealthsharingsystems.com/2020/07/as-eth-fees-remain-high-trader-reminds-community-ethereum-hasnt-won-yet/

Q&A with ‘Playing with Presence’ Author Jason Su

In poker, you need both art and science to excel. An intuitive “feel player” might dominate for a while, only to lose to others who expose her technical deficiencies; on the other hand, a solver-obsessed theorist who doesn’t trust or hone his intuition lowers the ceiling of his potential.

To be the best that we can be, Jason Su writes in Playing with Presence: Unlocking the Final 15%, we need a method of linking the two. “Presence,” he says, “bridges the gap between what you study and how you perform. It aligns your intuition with your ability. Presence unlocks your potential to make the perfect play at just the right moment. While a firm grasp of poker knowledge can take you to 85% of your maximum poker potential, you need to be fully present to unlock the final 15%.”

Su, a veteran pro who lives in Boulder, Colorado, has experience with a wide range of stakes and variants: live and online, cash and MTTs, and limit, pot limit, and no-limit hold ‘em. He’s recently tackled the challenge of climbing the mixed games ladder; you can follow his progress in his latest Two Plus Two Poker Goals & Challenges thread. In this email interview, I asked Su about writing, managing emotion, tennis, Tommy Angelo, and the importance of cultivating mindfulness in both poker and life.

Brush Up on Texas Hold’em Rules

Ben Saxton: What can you tell us about your new book?

Jason Su: For my first eight or nine years of playing poker, I had maybe ten sessions where I felt like I was completely “in the zone,” where I played better than I thought I was capable of, without seeming to even try. The idea of being able to reach this state consciously became an interest of mine, and Poker with Presence is my attempt to demystify this subject using concrete markers that we can lean on to get into that state. I’m happy to say that, by using these tools, I feel like I play at or near my best poker almost every time I sit down.

You stress the importance of honestly assessing and responding to emotion. Why do you think it’s best to embrace emotion rather than detach from it?

As humans, we aren’t really capable of detaching from our emotions. When we try to pack away a feeling to deal with later, the emotion still gets expressed through our behavior, often resulting in poor play. When we embrace our emotions, even for just a second, we free up that energy and clear our emotional dashboard. From there, nothing is siphoning away our energy, and we can focus completely on playing our best poker.

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What are your thoughts on the importance of game selection, table selection, seat selection, “quitting,” and other metagame considerations?

I probably care about these individual aspects of poker less than most. People put a lot of emphasis on doing these things well so that they can gain an edge in their games, but I approach it from an opposite perspective. If I’m not present, my decisions are too often based on fear and projection. But once I generate some presence and flow inside myself, I can trust that I will make good decisions when it comes to quitting the game or adjusting my strategy versus another player based on what has happened in this session. Rather than focusing on ten different things, I focus on the one big thing that impacts the way I execute all the smaller things that lead to success.

A chapter entitled “The Other 85%” discusses the value of studying, talking through hands with other players, and seeking out those who have already walked the path that you wish to travel. Do you have any concrete advice for how players might actively study and improve?

I think the majority of players invest too little time into figuring out what their optimal learning styles are, and too little money into seeking out mentors who can help them get from A to B much faster than they will get there on their own.

Not everyone is going to learn effectively from watching a training video or reading a book. There are so many more ways to learn than that, and people who struggle with the traditional educational formats might find that when they tap into the learning method that best suits them, they’ll internalize the game in ways that allow them to really flourish.

By far the biggest thing that altered my career earnings was hiring my first coach in 2008, and by far the biggest thing that kept me from earning exponentially more in my life was not hiring my first coach three years earlier. People who want to study and grow in all other aspects of life find and hire mentors who have already done what they are looking to do. Poker players seem to struggle with the idea of seeking out help. When you find someone whom you trust to give good information, every dollar that you invest into your growth with them is going to return exponentially more. Even though I’ve reached a pretty high skill level, I still invest money into my poker education on a regular basis to ensure that I’m always getting better.

Five Tips for Winning Big While Playing Small Stakes Tournaments

Here’s some more strategy for winning small stakes tournaments

You mention an appreciation for Tommy Angelo—in particular his 2007 classic Elements of Poker. In what ways are you indebted to Angelo? In what ways does your book depart from his?

Tommy and I have become good friends over the past year, and he helped me work through the writing process in ways that only someone who has written and published books before could. He encouraged me to tap into the most important messages I wanted to convey while helping me avoid a lot of the traps that first time authors fall into. Without his help there’s no way the book would have come out as polished as it did.

Elements of Poker was ground-breaking in how it framed the experience of playing poker, and how to live the life of a poker player in a way that reduces tilt as much as possible. Thanks to Tommy’s work, I didn’t have to focus on tilt very much in Poker with Presence. Instead of talking about not playing worse, I got to focus on my favorite big question: What can we do to consistently stretch beyond what we think is possible? That’s what gets me excited, and I’m happy I got to be the one to explore that.

I’ve noticed that more than a few successful poker players—Patrik Antonius, James Obst, Zach Jiganti, Brandon Adams, Gus Hanson—are also tennis players. What has your experience with tennis taught you about poker? What has your experience in poker taught you about tennis?

Tennis is unique in that you’re looking to adjust to your opponent while at the same time experiencing all of your thoughts and emotions with nobody around you. In both games you need to learn how to fully be honest with yourself at all times in order to perform up to your capabilities, because there’s nobody else there to do that job.

Looking back, the quality that gave me success in tennis was my desire to improve each day and enjoy the process as much as I enjoyed the wins. Embodying that mindset in poker has been a huge factor in my success as a player, writer, and coach.

“Poker,” you write, “has been my second act in which I get to battle hard, savor the high that comes with crushing souls, and feel the pain of getting destroyed.” What are the benefits and drawbacks to having a ruthless competitive drive and a high tolerance for pain?

The biggest benefit to loving the competitive aspect of the game is that I feel like I’m growing as a person and a player each time I sit down to play or study. Because of this, I enjoy the game more each day and I’m always excited to play. While there have been tough moments in high-stakes games over the years, I don’t regret any of it because it all made me stronger and eventually able to beat any game I played in.

Poker with Presence focuses (understandably) on at-the-table strategies for increasing awareness and paying attention. For someone wanting to develop mindfulness in other areas of life, what resources would you recommend?

I highly recommend reading The Art of Learning by Josh Waitzkin, as well as The Big Leap by Gay Hendricks. I also recommend finding some sort of activity that creates a meditative state inside of you—whether it’s actually from meditating or something else—and putting an emphasis on doing that activity every day. Life is easier to navigate when you’re in a calm and centered place, so you’ll likely find that, by putting yourself in that state on a regular basis, you’ll naturally perform better in every aspect of your life.

Is there anything else you’d like to mention?

A lot of people nowadays want to simplify the poker experience into rote strategies based on solver outputs, but I think the beauty of the game lies in the fact that we’ve all had certain intuitions during our poker lives where we couldn’t necessarily explain why we knew something to be true, but we just knew it was true because our subconscious could sense that there was something different going on in that particular hand. Those are the moments that I’m most interested in creating, and I think that the more attention people give to cultivating deep states of presence, the more they’ll have magical experiences where their intuition blends perfectly with their poker knowledge to make outstanding plays in big moments. That’s what excites me, and I’m happy that I get to help people learn to do this.

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Who’s Buying Bitcoin? Retail Demand Expected to Double by 2024 Halving

The latest research from ZUBR derivatives exchange published June 29 found that participation from retail investors is increasing despite the longstanding narrative that institutional adoption would be required to propel crypto prices higher. 

With the recent halving being nothing more than a distant memory and Bitcoin (BTC) price lingering in the $9,100 range, the current price action is far from the post-halving surge that many retail and institutional investors expected. 

Despite the lackluster price action, a multitude of bullish factors like record growth in the number of Bitcoin whales, a new all-time high in the number wallet addresses containing less than 1 BTC, record BTC outflow from exchanges, and Bitcoin’s recently achieving its third-best Q2 performance ever show remarkable growth in investor participation with the top-ranked digital asset. 

Moreover, increasing Bitcoin demand from Grayscale Investments, Square and other companies suggest that demand is coming from both institutional investors as well as retail. 

Total number of BTC held in precise number addresses (1-10 BTC). Source: Chainalysis

Meanwhile, sourcing data from Chainalysis, ZUBR observed that in April 2020 wallet addresses containing 1 to 10 Bitcoin had risen past 500,000 and that “these addresses have been growing every month since the start of the 2018 bear market after the price of Bitcoin hit its peak.” 

According to ZUBR:  

“By the time the next reward era comes around in 2024, retail could potentially account for eating up over 50% of the physical supply.”

In 2020, much discussion has been dedicated to the perceived correlation between equities markets and Bitcoin. As markets tanked in March 2020, risk-on assets like Bitcoin swiftly followed suit. 

Typically, a sharp drop in value such as the 50% Bitcoin price drop that occurred on March 13 would dampen demand alongside the downturn in equities markets. But data from ZUBR shows the opposite. 

Even as the Bitcoin price dropped more than 50% on Black Thursday, demand from retail investors remained strong and there was no discernable decrease in the amount of Bitcoin held in wallet addresses associated with retail investors.

Month-on-month BTC increase/decrease in precise addresses (1-10). Source: Chainalysis

Currently, 900 Bitcoins are mined each day and this figure is slated to drop to 450 by the next halving in 2024. ZUBR forecasts that by the 2024 halving retail demand could exceed 250 BTC per day on average or half of the new available daily supply. 

Bitcoin retail demand estimates versus supply. Source: Chainalysis, ZUBR

What’s more, this retail demand figure could actually exceed ZUBR’s estimate as their data only focused on wallet addresses with whole numbers instead of including accounts with fractional BTC holdings. 

While it’s difficult to forecast Bitcoin’s future price evolution, it is clear that retail investors are not being pushed out of the sector by the influx of institutional funds. 

If the forecasts by ZUBR and Chainalysis come to fruition, smaller investors will actually play a larger role by 2024 in Bitcoin’s network and value dynamics.

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source https://cryptonews.wealthsharingsystems.com/2020/07/whos-buying-bitcoin-retail-demand-expected-to-double-by-2024-halving/