Company Bitcoin analyst Swan BitcoinSam Callahan, stated that even in the current bear market, the innovative cryptocurrency has factors that could support its price in the medium term.
Callahan pointed out on the podcast the recent increase in Bitcoin’s computing power, the resurgence of institutional investment, and the fact that the supply of Bitcoin in the hands of long-term savers has reached an all-time high are three factors in the grand sign.
Referring to the processing power of the Bitcoin network, Callahan said that the recent all-time high was due to miners who in 2021 had access to capital and decided to expand their facilities.
“Now we see that those plans have started to come true. Supply issues have been resolved and the hash rate has increased more due to large farms optimizing their operations than new miners joining. This is a good thing for the Bitcoin network,” says the specialist.
Bitcoin investment is on the rise again
Callahan also mentioned recently supply is record high in the hands of bitcoin savers, CriptoNoticias reported. The specialist said that what is surprising is that the record accumulation was recorded in the middle of the bear market. September 16 Analytics firm Glassnode announced that long-term bitcoin savers reached 13.62 million. BTC, which represents 71% of the circulating Bitcoin supply.
A third aspect that Callahan highlights as favorable to bitcoin is the resurgence of institutional investment. specifically mentioned Advertising about Fidelity Investments, which will offer its clients access to bitcoinsas reported in this medium.
“You’re seeing more institutional interest in this whole bear market. In 2018, there were really no such events at the bottom of the bear market, it was very quiet and sad. Now there are encouraging news such as the exit of Fidelity and the ability to offer bitcoins to millions of individual brokerage accounts,” said the investor.
The bitcoin analyst emphasized that these investment initiatives, despite the bearish price action, “still have enthusiasm and interest at the institutional level and the infrastructure is being built.”