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How real is Bitcoin’s [BTC] next bull rally likely to be

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Bitcoin, after falling to as low as $18,661 last week, registered promising growth as it gained by more than 9% in the last seven days. Its latest uptick sparked excitement in the community as enthusiasts and experts predicted a further surge in BTC’s price in the coming days. Several reports and analyses also seemed to point in the same direction.

Not only Bitcoin’s chart, but several metrics were also in favor of BTC. This gave investors hope for brighter days ahead after a short dip in the price.

At the time of writing, BTC had reclaimed the $21,000-mark and was trading at $21,566.77 with a market capitalization of $412,947,658,745.

Better days to come?

Mignolet, an analyst and author at CryptoQuant, hinted at a similar bull situation, pointing out a good buying opportunity for investors. He mentioned in his analysis,

“If you look at the movement a little bit more specifically, whales didn’t sell a lot of bitcoins in the price decline that began on August 17.”

The taker buy sell ratio spiked recently, which might indicate a possible market bottom, increasing the chances of a bull run shortly.

Source: CryptoQuant

That’s not all either.

Just recently, a popular influencer painted a similar picture of a bull rally. In his tweet, he talked about the Bitcoin halving cycle and mentioned that the last two cycles bottomed at 777 and 889 days after the halving. Currently, he said, the figure is at 850 days, with its recent bottom at 763 days. Looking at the prior record, this is a major bullish signal – Indicating a price hike in the coming days.  

What do the metrics suggest

Not only the analysis, but several on-chain metrics also hinted at a price surge. For instance, Bitcoin’s reserve risk ratio hit an all-time low, pointing to a market button and a northbound rally soon.

Also, it opened an opportunity for investors, with the risk-to-reward ratio found to be high too.

Source: Glassnode

Interestingly, BTC’s total number of addresses with non-zero balances also went up after a short decline earlier this month, indicating investors’ trust in the king of cryptos.

Therefore, looking at all the developments, it is safe to say that we can expect Bitcoin to go up. However, a few metrics painted a different picture.

According to CryptoQuant’s data, BTC’s aSORP was red, which indicated that more investors have been selling at a profit – A bearish signal as it suggested a possible market top amidst a bull market. Moreover, BTC’s Relative Strength Index and Stochastic were in neutral positions, underlining that the market could head in any direction.

Source: CryptoQuant


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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