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New data shows strong signals of a ‘hopeful future’ for Bitcoin

New data shows strong signals of a ‘hopeful future’ for Bitcoin

Although 2022 has been a challenging year for the cryptocurrency market, Bitcoin (BTC) is recording positive results in terms of its forward returns in the fourth quarter, indicating there is room for hope for a better future.

Indeed, the 180-day forward returns of Bitcoin in Q4 2022 have exceeded their historical performance when taking into account all datasets since the flagship digital asset’s inception, the crypto market insights platform Unfolded said on December 15.

According to the tweet, such a performance “provides a hopeful future for BTC.” For clarification, forward returns refer to the performance of a particular market, usually after a specific event, using historical datasets.

Bitcoin 180-day forward returns for Q3-Q4. Source: Unfolded/Delphi Digital

Bitcoin’s best is yet to come?

Meanwhile, crypto miners have increasingly been replacing their Ethereum (ETH) mining machines for those that can mine Bitcoin since October 2022, when Ethereum’s Merge update announced the end of the Proof-of-Work (PoW) validation algorithm for the network and a switch to the Proof-of-Stake (PoS).

A the same time, whales and sharks have been stockpiling Bitcoin en masse as they turn away from dumping and enter the accumulating mode, which, along with the accumulation of stablecoins like Tether (USDT), Binance USD (BUSD), and Dai (DAI), demonstrates that “crypto is far from dead.”

Bitcoin price analysis

As things stand, Bitcoin is currently trading at the price of $17,458.40, which represents a decline of 3.28% on the day but still an increase of 3.16% across the previous seven days and a 2.48% gain when compared to one month earlier, as the charts demonstrate.

Bitcoin 7-day price chart. Source: Finbold

The market capitalization of the flagship decentralized finance (DeFi) asset currently amounts to $335.80 billion, maintaining Bitcoin’s position as the leader among cryptocurrencies by this indicator, with Ethereum in second place with $155.67 billion, as per CoinMarketCap data.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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