Bitcoin
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The outgoing week turned out to be positive for the price of Bitcoin. The Bitcoin chart shows an uptrend. Against the backdrop of problems with American and European banks, Bitcoin looks like a much more reliable and valuable asset for traders and investors. But does it have the fuel to push further and what do the indicators say? The forecast and news indicate that Bitcoin has a chance of continuing to rise.
What do Bitcoin indicators show?
Against the backdrop of ongoing events, the Pewell multiplier dropped into an accumulation band. The exit of the indicators from the “green zone” is noted, this has always indicated that the bearish phase is changing to bullish.
Pewell multiplier Data: Look Into Bitcoin.
Also, a possible growth is indicated by the intersection of the “hash tapes” and the exit from the “red zone” of the Hash Ribbins metric. This indicates that the bad times for miners are over, and the growth of Bitcoin is possible further.
Also, Bitcoin quotes for the first time in a long time rose above the realized value. This is another positive signal for the market, showing that the bearish phase is ending.
The orange line of the MVRV-Z-Score indicator has left the green zone, which is another proof that the market has bottomed out. The fact that a change in market phases has occurred is indicated by the long-term indicator RHODL Ratio. Its orange line is ready to leave the oversold zone.
Bitcoin: news and forecast support positive sentiment in the cryptocurrency market
The aSOPR indicator managed to overcome the 1.0 mark, which it has not been able to leave since April 2022. This indicates that market sentiment has improved.
aSOPR indicator Data: Glassnode.
In addition, there are more Bitcoin addresses that have a non-zero balance. Such a factor indicates that the number of market participants is growing, the accumulation of the asset on the wallets of customers who believe that Bitcoin has the potential for growth. The number of Bitcoins on hodlers’ wallets (coins over 155 days old are taken into account) has crept up to 14 million. This is ~72.5% of the total BTC market supply.
An interesting fact is that at the beginning of this year, the correlation of Bitcoin with the NASDAQ index fell to 0.29. This is the lowest value since December 2021.
The dynamics of the correlation of Bitcoin with the Nasdaq index. Data: Arcane Research.
The increase in hashrate indicates that miners are investing in equipment and are confident that the market will grow. Hodlers also hoard assets without paying much attention to price movements. Most of the on-chain indicators indicate that the bearish phase of the market is ending.
Accordingly, it can be predicted that the value of Bitcoin will grow, although a price correction is inevitable. Predictions that the price of Bitcoin will fall to 15,000 have not materialized, and the bullish rally may continue further!
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
#News #forecast #growth
