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21Shares Analyst: Bitcoin Fundamentals Strong, Downside Pressure Hard to Come By in the Short Term
BlockBeats News, July 16th, according to Cointelegraph's report, Matt Mena, Crypto Research Strategist at 21Shares, a crypto product provider, stated that Bitcoin is unlikely to enter a downtrend in the near future, as its current trend is supported by strong fundamentals.
Matt Mena stated: "There is a structural imbalance between surging demand and rapidly dwindling supply, making the possibility of a significant pullback increasingly unlikely. Currently, the bullish factors in the market far outweigh the bearish ones. Bitcoin's supply held on crypto exchanges and over-the-counter (OTC) platforms is still at historically low levels, while the market's demand for Bitcoin continues to rise. From the supply side, Bitcoin's fundamentals are more skewed towards contraction."
Bitcoin hit a new all-time high of $122,884 earlier this week. Bitfinex stated that new buyers entering the market are not price-sensitive and are buying Bitcoin in large quantities at a pace faster than miners are producing coins. André Dragosch, Research Director at Bitwise, pointed out last Friday that the Google search interest for the keyword "Bitcoin" has not significantly increased, which may indicate low retail investor interest. Although Bitcoin has reached a new all-time high, retail investors are still largely on the sidelines.
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