Crypto strategist Tom Busby explains why Bitcoin is still in its bullish cycle
Popular crypto strategist Tom Busby shares with his subscribers the latest news of Bitcoin (BTC) and reveals the reasons for this belief that BTC is still in this bullish cycle.
According to the trader, the first reason for this bullish on Bitcoin is because the Bitcoin supply held by long-term holders continues to break all-time highs on a daily basis. Long-term holders have accumulated an additional nearly 2 million BTC since price was first at 46,000 in February.
Besides, Busby also highlights bullish news indicating that Ukraine is set to become the next country to make Bitcoin legal tender.
In particular, the plan is for Ukraine to make Bitcoin legal tender by the start of 2023 and create a “duel-currency country” where Bitcoin sits alongside the fiat hryvnia before potentially being phased in as the dominant financial structure.