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Bitcoinmagazine
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Is Bitcoin’s Bull Market Truly Back?
- Following a significant selloff, traders are debating whether Bitcoin's bull market is back on track or if it's a bear market rally.
- Bitcoin seems to have set a local bottom around $76K-$77K, with metrics indicating further upside potential.
- The Net Unrealized Profit and Loss (NUPL) and Value Days Destroyed (VDD) suggest bullish sentiment and conviction among long-term holders.
- Long-term holders are re-accumulating Bitcoin, setting the stage for supply squeezes and price surges.
- The Hash Ribbons Indicator's bullish crossover signals miner confidence in higher prices ahead.
- Bitcoin's correlation with macro liquidity trends and equities means external factors can impact its performance.
- On-chain data and miner behavior point to a sustained continuation of Bitcoin's bull cycle with potential for supply squeezes.
- However, caution is advised due to Bitcoin's ties to global markets, requiring steady accumulation for momentum.
- While on-chain metrics are positive, external factors like monetary policy shifts could introduce volatility.
- The Bitcoin bull market may progress steadily, requiring patience from traders for a potential return to six-figure prices.
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