Bitcoin Caught A Cold, Is The Bull Market Over

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7 Majors Signs Confirming The Bitcoin Bull-Market Is Back

Analysts like Tone Vays may be calling for a pullback but here are seven major indicators that the Bitcoin bull market is officially back.

1. Fundamentals Testing ATHs

No market reaches maturity until it’s been through a few bull and bear cycles. That grueling ‘crypto winter’ did a great job of separating the wheat from the chaff. The get-rich-quick speculators exited and left Bitcoin to carry on building.

Not only has BTC usage been steadily rising over the last 16 months, but the hash rate is now testing all-time highs at almost 60 EH/s and the average block size is now well over 1MB at 1.26MB.

OK, so Google Trends may not be screaming Bitcoin FOMO just yet, but despite a moderate lull, search results for Bitcoin are starting to climb again. Let’s not forget the major uptick on May 26 when the Bitcoin price skyrocketed.

So far we pretty much know that this latest run is being driven by institutions. If Tom Lee is right , serious retail FOMO will kick in any moment once the price hits $10k.

3. Institutions Are Readying for the Bitcoin Bull Market

This time around, Wall Street is firmly in on the action with a seemingly insatiable appetite for Bitcoin. The largest cryptocurrency asset manager Grayscale bought over 11,000 BTC last month.

With 54,000 BTC currently mined every 30 days, that means it’s scooping up some 21 percent of the monthly supply of BTC gearing up for the bull run.

4. Bitcoin Accumulation Risen Over the Last year

According to research by Diar analytics firm, Bitcoin accumulation has been rising steadily over the past 12 months. The number of wallet addresses with between 1,000 and 10,000 BTC has increased by 7 percent.

Coinbase is holding a massive 760,000 BTC in its cold wallet storage facilities. And more than one-quarter (26 percent) of all circulating BTC is currently dispersed among various large-volume wallets. Again, this all looks like major preparation for the official Bitcoin bull market.

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5. Trading Volume Is Setting Records

Institutional trading volumes are setting new records every month this year. On top of that, yesterday South Korea set a new high on Bitcoin trading volume on LocalBitcoins at over 218 million South Korean Won ($183 million).

6. Big Names Are Building on Bitcoin

When it comes to big names, you don’t get much larger than Microsoft. With its surprise announcement at Consensus this month that it will be building on the Bitcoin blockchain, along with Whole Foods, eBay, and Facebook, cryptocurrencies are being rolled out to the masses. It’s just a question of time.

7. Just Look at That Price

May 2020 has been one hell of a month for BTC price 0 0 , making hyperbolic gains. As cryptocurrency trader and investor Josh Rage commented, with one small push further if Bitcoin finishes the month at $8975 or higher it will have made a 70.37+ percent gain. That would also make it Bitcoin’s best month on record since November 2020.

Buckle up folks, the signs don’t lie, the Bitcoin bull market is already in full swing.

Is the bitcoin bull market officially back? Share your thoughts below!

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A Bitcoin Bull Market Is Still $350 Away

Omkar Godbole

A Bitcoin Bull Market Is Still $350 Away

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  • Bitcoin has established a higher low near $3,300 in the last two months, signaling bearish exhaustion.
  • However, a break above the Christmas Day lower high of $4,236 is needed to confirm a bearish to bullish trend change.

Bitcoin (BTC) needs to climb at least anther $350 to confirm a long-term bullish reversal, technical charts suggest.

The leading cryptocurrency by market value is currently trading at $3,903 – having rallied 24.8 percent from this year’s low of $3,122 seen in December. This positive trend has spurred hopes that the sell-off from the late 2020 record high of $20,000 is over.

Validating that argument are a number of long duration technical indicators flashing early signs of bullish reversal. To name a few, the weekly moving average convergence divergence (MACD) is at its most bullish for over a year. The money flow index, which takes into account both bitcoin’s price and trading volume, is also trending north, validating the bullish divergence created in December.

That said, BTC is yet to invalidate the most basic of all bearish technical indicators – a lower high, lower low.

Weekly chart (2020)

On the weekly chart, BTC has been charting regular bearish lower price highs and lower price lows since January 2020. These were essentially shallow bounces that ended up recharging the engines for a drop to further lows.

The last lower high of $4,236 created on Christmas Day, however, failed to challenge the preceding lower low of $3,122. And since then, BTC has been creating higher lows in the region of $3,300.

While the latter is evidence of seller exhaustion, a bullish reversal would only be confirmed if and when BTC prints a higher high above the Christmas Day lower high. Put simply, a break above that level is needed to mark a successful transition from bearish to bullish trend change.

So, with bitcoin’s price currently trading at $3,890, that target is still $350 away.

Weekly Chart (2020)

As seen above, the previous bear market ended with bitcoin charting a higher low near $230 in April 2020. The bullish reversal was confirmed in November 2020 when BTC convincingly breached the bearish lower high of $297 carved in March 2020.

It’s worth noting the failed breakout above $297, witnessed in July, which was followed by a drop all the way back to $200.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

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Bull Market Not Confirmed Until Bitcoin Price Breaks Above $11.7K Where Bear Market Began

Read any crypto Twitter feed or sub-reddit; bullish sentiment is in the air. The rally that began with a slow start in February and turned Bitcoin price into a jet-fueled rocket in April has reignited the excitement and irrational exuberance that once took the world by storm at the end of 2020.

The parabolic rise has most feeling FOMO and confident the bear market bottom is in. But some aren’t so convinced a bull market has yet to begun, and thinks that $11,700 is the only price level that if broken, confirms a bull market has begun.

Crypto Analyst: It’s Not a Bull Market Until Bitcoin “Breaks” $11,700

Bitcoin is once again making headlines in newspapers and on television, as the crypto asset has more than doubled in value so far in 2020, to the delight of new investors of the emerging financial technology.

Following the longest bear market on record, Bitcoin is working on its fourth consecutive green monthly candle close – something that only occurs during bull markets. However, not everyone is convinced the recent powerful upward price movement means the bulls are back in control.

One crypto analyst says that $11,700, a price Bitcoin fell below in January, and has never again been able to breach, despite two attempts at it – which formed a double top or “M” formation.

It is still ridiculously early to talk about this, but ☝?

There is one level, and one level only that for me will be the confirmation of a bull run:

*A BREAK OF 11.7K*

That resistance is what ended the bull market and made the bear market official ⚔️ pic.twitter.com/4Qe6jWZOsR

Since the resistance did reject Bitcoin twice, and violently so, it very well could pose a challenge for Bitcoin if it gets to that level in the coming days ahead. Or, it could fall just as easily as the much hyped support-turned-resistance flip of $6,000 that Bitcoin left in its dust without so much as a second glance in the rear view mirror.

Other crypto analysts are pointing the a similar price level as critical resistance and an important turning point for the cryptocurrency. If Bitcoin were to break $11,700, there’s not a lot of resistance ahead except for around the previous all-time high – a price where many may looking to finally sell at a break even.

After these levels are conquered, a new bull run will be “confirmed” and chances of Bitcoin reaching a new all-time high will increase significantly.

Most crypto analysts had anticipated Bitcoin not reaching new all-time highs until 2020, if not later, yet the price of the cryptocurrency has such momentum behind it, its turned disbelief back into exuberance. But with a new, emerging asset class that behaves differently then other assets due to scarcity and a 24/7, global marketplace filled with retail investors, truly anything is possible as recent weeks has shown.

Prior to the recent rally, many were calling for sub-$3,000 prices, with Bitcoin traders waging a full Bitcoin that their bearish calls would be accurate. Instead, the cryptocurrency has nearly tripled in value in just six short months from its bear market lows.

Tony Spilotro

I’m Tony Spilotro. I’m an avid Bitcoin supporter and maximalist due to my distrust in society and concerns over privacy, but also a strong believer that XRP could end up being the most disruptive altcoin on the market. I’m an.

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