[2024-05-07] Bitcoin’s Long-Term Indicators Reach Record Highs

[CoinTürk]

Long-term Bitcoin trend indicators such as the 200-day and 200-week moving averages are currently at their highest levels ever. Anthony Pompliano, founder of investment method company Morgan Creek Digital, commented that BTC’s long-term trend is extremely strong based on this situation.

Read the full article here: https://en.coin-turk.com/bitcoins-long-term-indicators-reach-record-highs/

[Kakmakr]

I think this is based on the long-term demand potential that comes with more and more Bitcoin ETFs being funded and also by the decline in the supply with the "Halving" events that are scheduled to happen in the future.

The availlable Bitcoin stockpile are constantly being bought by large institutional investment firms and large companies and those coins are hoarded and taken out of circulation.

The shift from Bitcoin being used as a currency to the use as a commodity has definately happened now, with the introduction of the Bitcoin ETFs.