All eyes are on good old supply and demand for a snowballing BTC price this year.
) demand has been in a “bear market” for a whole year, but a surge is most likely what will spark a new price run up.
These include the United States approving a spot price-based exchange-traded fund , a country following El Salvador to make Bitcoin legal tender, advancements in the Lightning Network and the knock-on effect of Bitcoin’s recent Taproot upgrade.Instead, Alden agreed with Blockstream CEO Adam Back that significant change will come as a result of a positive feedback loop of supply and demand.
“Reflexivity” refers to the mutually beneficial relationship of fundamentals and market expectations once an asset starts moving which triggers stronger and stronger performance.Analyzing the current state of supply against demand, however, Alden confirmed that 2021 had done little to change the status quo since the first quarter.
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