Bitcoin [BTC] has been showing signs of recovery after a prolonged bear market. Analyst Lyn Alden shared a bullish outlook for the king coin, citing its long-term potential and ability to withstand fiscal challenges.
Alden, who is the founder of Lyn Alden Investment Strategy, said that Bitcoin has a network effect that makes it more valuable as more people use it. She also said that Bitcoin has a hard-coded scarcity that protects it from inflation and currency devaluation.
She compared Bitcoin to gold, which is another scarce asset that has been used as a store of value for centuries. She said that Bitcoin has some advantages over gold, such as being easier to transport, more divisible, and more secure.
Alden also analyzed some of the key indicators that show Bitcoin’s performance and sentiment, such as the Open Interest, the Implied Volatility, the Put-to-Call Ratio, and the BTC 25 Delta Skew. She explained what these indicators mean and how they reflect the market’s expectations and confidence in Bitcoin.