BULLISH BITCOIN

Long-term prospects for Bitcoin look bullish

Although BTC gains have begun to slow down recently, long-term signals point to a more sustained recovery

Although Bitcoin and the associated cryptos are showing signs of slowing bullish momentum in the short term, other signals are pointing to a more sustained push in the long term. Even in the short term, news of MicroStrategy buying $177M worth of BTC, along with Coinbase planning to scoop up $500M of BTC is being seen positively by the market. And while a correction is entirely plausible from the current levels, the long-term path looks constructive.

At the time of writing, Bitcoin is trading close to $47.4k after retreating from the psychological barrier of $50k — last seen on May 12. Ethereum, similarly, almost touched $3,400 (last touch on May 16) and is now hovering around $3,120. Cardano (ADA), however, has been the success story of August — overtaking its previous high ($2.46) of May 16 to chart a new ATH of $2.96. The Alt. coin is now trading around $2.59.

According to the recent Chainalysis Market Intel, prospects look good for Bitcoin to sustain a long-term bullish trend. Despite a waning momentum in the short-term gains, the report highlight three factors that point to a healthy…