Like past times, a number of metrics aligned with the notion that BTC's bull cycle is fast approaching.
Reserves on exchanges reduced, indicating preparation for a long rally.hostility against succumbing to $20,000 has sparked discussions about the possibility of an early bull market. While BTC’s Year-To-Date performance has been relatively positive, several investors have pointed out the Bitcoin halving as a catalyst to push a largely profitable season.
Interestingly, these sentiments are highlighted by different colors and seem to have a consistent route. For instance, after the 2015 capitulation , Bitcoin moved into a realm of hope . The next on the line was optimism . And finally, belief confirmed an uptrend that put many holders in gains.It was a similar case between 2018 to 2019 and 2020 to 2021. At this point, the BTC price moved significantly higher from serious downtrends. Now, the NUPL signifies massive accumulation.
If the NUPL continues to follow history, then it could take only a couple of months for the bull market to start properly.Meanwhile, the optimism in the market was also highlighted by on-chain analyst SimonaD. The analyst, explaining her stance, pointed out the Bitcoin reserves on Coinbase. According to SimonaD, BTC reserves on the exchange have decreased by 40% since May 2022. She also highlighted that during this period, BTC went through correction up till its recentWhen this happens, it means that investors have the conviction that Bitcoin’s value as a store of exchange could improve soon. Therefore, these investors are taking
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