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This Indicator Suggests It’s Still Too Early to Bet on Bitcoin Bull Run

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In wake of the impressive rally in Bitcoin’s price since the start of the year, multiple technical and on-chain indicators have started flashing green that the bear market of 2022 might be over.

For example, Bitcoin’s latest push higher that has seen it recover above $21,000 from its end of 2022 levels around $17,000 has seen the world’s largest cryptocurrency by market capitalization break back to the north of its 200-Day Moving Average and Realized Price, both of which sit just under $20,000.Momentum in new addresses also recently took a turn for the better, with the 30-day simple moving average (SMA) recently jumping above the 200-day SMA, a shift which often occurs at the start of a Bitcoin bull market.Meanwhile, according to analysis from pseudonymous Twitter account @CryptoHornHairs, Bitcoin appears to be tracking almost exactly in line with a long-term market cycle that repeats itself roughly every four years.

According to @CryptoHornHairs, Bitcoin is at the beginning of the bullish stage of the cycle, having just come through a 364-day downturn.However, investors should note that one key on-chain indicator is not sending bullish signs.

Glassnode’s Revenue From Fees Multiple still has a negative 2-year Z-score of around -0.41. The Z-score is the number of standard deviations above or below the mean of a data sample.

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