Is Bitcoin Preparing For A New Bull Run?

0

Bitcoin, which was traded at $ 11,200 until a few days ago, is currently forcing $ 11,800. Bitcoin investors are wondering whether the BTC price will rise above $ 12,000 again in this environment. It is almost never possible to give a definitive answer to this question. But right now there are several indicators for Bitcoin that signal a possible bull run. We have compiled them for you.

While the Bitcoin price has risen above $ 11,700, the general trend in the market seems to be in favor of Bitcoin. Both individual and corporate investors seem hopeful about the future of Bitcoin. We can support this claim when we look at the data in the Bitcoin network and the cryptocurrency market in general.

His Throne Swayed But Not Destroyed

The bitcoin price has never dropped below $ 10,000 in more than 1 month. This is a very important development because Bitcoin has never been above $ 10K for that long since 2017. 2017 can also be considered an exceptional year because BTC rose to $ 20,000 that year. Bitcoin, which remained over $ 10 thousand for 63 days in 2017, has been trading above this level for 33 days.

Although Bitcoin has declined to 10 thousand dollars in the last 33 days, the price has always remained above this level. The fact that Bitcoin has displayed such a good statistics for the first time since 2017 means that the $ 10 thousand level, which is shown as a psychological barrier, is still maintained.

What About Institutional Investors?

Exactly what performance the cryptocurrency market will perform last week was a big concern. After all, as we reached the end of August, the delivery dates in the futures markets have also come and gone. But this development that worries some investors; it did not make a big impact on the market.

In fact, it would be possible to say that the futures market is currently in favor of Bitcoin. According to the information shared by Skew, institutional investors trading Bitcoin futures through CME Group decided to close their short positions last week. As a result, the number of short positions in the stock market decreased by half.

See Also
After bitcoin halving, a mysterious mining pool suddenly appeared

Crypto money giant OKEx shared a supporting information on this data transferred by Skew in its report published today. According to the information shared by the stock exchange, the number of short positions opened by asset managers in CME decreased from 585 to 1. This shows that these investors are selling profits after the decline experienced last week.

There’s Nothing to Prevent It

There is good news for Bitcoin not only from the institutional investor but also from the individual investor front. While the number of those who sell Bitcoin shortlisted in the futures market has decreased; The number of active addresses in the BTC network is approaching 1 million. According to the Bitcoin Exchange Guide, the number of active Bitcoin addresses throughout history was more than 1 million for only 69 days. 3 of these 69 days are in the summer of 2019; 23 of them were in the summer of 2020.

Meanwhile, the shares of traders and analysts about Bitcoin also seem positive. Josh Rager, one of the popular analysts of the market with more than 80,000 followers, announced that Bitcoin is “doing well” for now. Rager made the following comment on Bitcoin:

“The weekly candle shows us that Bitcoin has dropped below $ 11,550, creating opportunities for many people to buy. There seems to be no big barrier between the instant price of Bitcoin and the $ 13,000 level right now. I personally think we will rise to over $ 12,000 again in a short time. ”


LEAVE A REPLY

Please enter your comment!
Please enter your name here