🖋️ [Analysis] Bitcoin in Heavy Accumulation - Tuur Demeester and Michiel Lescrauwaet

A new report from Adamant Capital claims that Bitcoin ($BTC) is in the accumulation phase of the bear market and is therefore undervalued. Based on historical price and supply calculations the report puts unrealized profits and losses at 14% and 3% respectively. While capitulation hit hard in Nov. 2018 signs of hope are emerging. Looking at historical markets, Adamant believes that volatility should decline in future cycles as value investors replace speculative buyers, a trend that has been occurring for a few years now. Fundamentals continue to improve for bitcoin as new technologies, like like Lightning or federated sidechains have the potential to go mainstream. Furthermore, the report cites the "financialization" of Bitcoin, through Bitcoin futures and capital lending on wall street, as potential catalysts for a rising price. On a longer timeline Adamant believes that millennials, who tend to be more anti-authoritarian, are likely to latch on to Bitcoin once fully developed. While the report takes a bullish stance it acknowledges that exchange hacks, a macro-economic downturn, capitulation in secondary mining markets, future hardforks, or extreme regulatory crackdowns could have bearish implications.