Bitcoin (BTC) has been trading sideways for around a month now and is being outperformed by several other altcoins like Ether (ETH) and Chainlink (LINK). The cryptocurrency also hit the lowest levels of volatility since November 2018.
Moreover, Bitcoin’s trading volume in it’s USDT and USD pairs has decreased by 56% and 44%, while global crypto trading volumes in June are down by 49.3% as well, according to CryptoCompare.
While some point to these key factors as the start of a downtrend in Bitcoin price, there are still a few bullish scenarios to look out for. A recent report by Stack Funds found that a shift in investor demographics may soon bring the price of Bitcoin to new highs.
Utilizing data from Coindance, the report found that 50% of Bitcoin investors are millennials. Given that wealth transfer between generations is happening at a faster rate, Stack Funds believes millennials’ newly-found financial freedom may lead this younger generation of investors to put heavy buy pressure on Bitcoin.