Bitcoin could be back on a downtrend as the bulls struggle to protect the $40,000 mark. The first crypto by market cap was rejected at around $44,500 and has been unable to reclaim previous highs as the bears threaten with pushing it back to the lows around $30,000. Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act As of press time, the first crypto by market cap trades at $40,160 with a 5.1% and 8.8% loss in the last day and 7 days, respectively. The general sentiment in the crypto market has been quickly changing from fear to greed as Bitcoin shows signs of strength on low timeframes. However, Jurrien Timmer, Director of Macro for Fidelity, believes BTC’s price has remained rangebound since 2021 with a low at $30,000 and a high around $65,000. He believes the current price action is “mostly noise” and proposed a change in perspective. As seen below, Timmer presented the Bitcoin demand curve as driven by the increase in the number of addresses holding a BTC balance above 0. This chart is going “up and to the right”, the expert said and suggests BTC will continue to see an increase in demand which could increase its market cap from its current $755 billion to $15 trillion by the end of the decade. Turrien arrived at this conclusion by comparing Bitcoin to big tech company Apple and its network growth by applying Metcalfe’s Law. This principle states that the value of a telecommunicat...
