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Bitcoin Likely on Verge of a Full-Blown Bull Run: On-Chain Analytics


Bitcoin Likely on Verge of a Full-Blown Bull Run: On-Chain Analytics

Since the $3,700 bottom seen in the middle of March, Bitcoin has rocketed higher, rallying as high as $7,470 in an impressive fashion. While impressive, the cryptocurrency is not yet in a full-blown bull run, with there existing a confluence of resistance overhead the BTC price, analysts are gaining confidence a bull run is near. Glassnode, a leading cryptocurrency data firm, suggested that per one of its proprietary indicators that accurately timed Bitcoin’s market tops, a full-blown “bullish trend reversal” may soon be confirmed.

GLASSNODE: BITCOIN COULD SOON CONFIRM TREND REVERSAL

While the crypto market often moves without rhyme or reason, its trends can be tracked and traced by looking at on-chain data. According to Glassnode, one of its on-chain indicators, the Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL), is indicating that BTC remains in a bear trend, with short-term holders found to be in “capitulation.” Read More...