On July 16, according to Cointelegraph, Matt Mena, a crypto research strategist at 21Shares, stated that Bitcoin is unlikely to enter a downward trend in the near term, with its current trend supported by solid fundamentals.
Matt Mena said: "There is a structural imbalance between surging demand and rapidly decreasing supply, making the possibility of a long-term pullback increasingly unlikely. Currently, the market has far more positive factors than negative ones. The Bitcoin supply held on crypto exchanges and over-the-counter (OTC) platforms remains at historic lows, while market demand for Bitcoin continues to rise. From the supply side, Bitcoin's fundamentals are more inclined towards tightening."
Bitcoin reached a new historical high of $122,884 this Monday. Bitfinex stated that new buyers entering the market are not price-sensitive and are purchasing Bitcoin at a faster pace than miners are selling. André Dragosch, research director at Bitwise, pointed out last Friday that the search volume for the keyword "Bitcoin" on Google has not significantly increased, which may indicate low interest from retail investors. Although Bitcoin has reached a new historical high, retail investors have barely entered the market.
