New users are swamping the bitcoin network according to the comments made by the Binance CEO, Changpeng Zhao, who said that there is a heavy influx of new platform registrants. In our Bitcoin news today, we can see that the activity level of these registrants is higher than the one a few months ago which could be a sign of the imminent wave of retail adopters which could push the price of the asset as high as $20,000.
Bitcoin’s halving even put a spotlight on the major cryptocurrency because the event gathered widespread coverage, reaching even further than the crypto industry. the news regarding the event was coupled with extensive reporting on the comments that were made by Paul Tudor Jones. Many of the investors have legitimized Bitcoin as an investment vehicle, at least in his eyes. It seems that the traditional investors have taken notice of the developments as the Binance CEO noted that the new registrant activity is increasing to new all-time highs.
The hype stemming from the halving event and comments from the public figures such as Paul Tudor Jones seems to be making huge impacts on the entire crypto market. CZ explained that the exchange has seen a massive influx of new users over the past days. He also said that the activity levels among the new users are higher than the other ones which are a sign that the market participants are growing:
“The new user registrations are picking up very aggressively, like getting close to the sort of [users] generated [before] 2018. The activity level is definitely much higher than even three or four months ago.’’
The comments seem to suggest that Bitcoin could be seeing even more new users similar to the ones added during the parabolic rally in 2017. Bulls still have a lot of work ahead if they want to fuel the major upside movement in the upcoming weeks and months.
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According to a recent analysis by the trader Nik Patel, Bitcoin has to reclaim the position first above $9,480 then flip the level before it is able to climb higher. He noted that it could even catalyze an upside movement that will shoot Bitcoin to $10,500:
“The first of these is a long setup based on a reclamation of $9480 as support with a target of those highs at $10,550. For a bearish setup, I’d be looking for a retest and breakdown from the $9480 level.’’
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