26 September, in the middle of the week, during which Bitcoin (BTC) has lost approximately 20% of its value, Hans Hauge, Senior Quantitative Researcher at Ikigai Asset Management , found several reasons (based on basic principles) to remain bullish with respect to Bitcoin.
Based CryptoCompare Data Bitcoin started last week with 10 011 dollars and ended with 8 051:
At around 00:00 UTC on September 26th, Hauge took to Twitter to reassure those worried about Bitcoin's latest price correction. This is how he started his Twitter thread:
Apparently some people are worried about Bitcoin? I don't know if I can help, but let's look at some data!
Here's a chart of the 365 daily moving average of the number of transactions on the Bitcoin network. Looks like we're at an all-time high ... pic.twitter.com/apvQgthZuJ
- Hans HODL (@hansthered) September 26, 2019
He then went on to give five more reasons why investors might remain bullish regarding Bitcoin:
- The BTC hash level is at a record high (despite a small glitch on September 24):
Ok, let's check the hash rate. Maybe the miners quit mining or something? No, actually that's at an all-time high as well. pic.twitter.com/Vx3Ao4sUNP
- Hans HODL (@hansthered) September 26, 2019
- The inflation rate in BTC continues to fall (on a logarithmic scale):
What about the inflation rate? Did we suddenly increase the supply? Hmm, right on schedule and falling in log scale over time as expected. pic.twitter.com/PQNPFKZ00V
- Hans HODL (@hansthered) September 26, 2019
- The price of Bitcoin continues to grow (on a logarithmic scale):
Maybe the price is the issue? No, that's increasing in log scale too ... pic.twitter.com/V2ng43NSVD
- Hans HODL (@hansthered) September 26, 2019
- Quantitative easing in the US seems to continue:
Well, I guess we could look at the global banking system. Maybe the Fed finally got everything under control and there's no need for Bitcoin anymore? Gah! Wrong again…. pic.twitter.com/gAQk7yxw5u
- Hans HODL (@hansthered) September 26, 2019
- Bitcoin mining activities (based on GitHub data) are still at a healthy pace:
Did the developers stop writing code? No, 114 Pull Requests merged in the last 30 days ... pic.twitter.com/s2wvpeZU9T
- Hans HODL (@hansthered) September 26, 2019
Hauge concluded this topic by saying that for these reasons he intends to continue to hold Bitcoin:
I don't know what to tell you guys, from a fundamental perspective Bitcoin looks great. I guess it's back to HODLing!
- Hans HODL (@hansthered) September 26, 2019
Another person at Ikigai who is fairly optimistic about Bitcoin's prospects over the next 18 months is Travis Kling, the company's chief investment officer, who told Yahoo Finance in interview 27 September:
It's hard to say what will happen between now and the end of the year... but it's a common occurrence that Bitcoin hits a new all-time high in the next 18 months of $20.