The price of Bitcoin has pulled back substantially since its yearly high at $14,149 a few days ago.
As Cointelegraph previously reported, the monthly chart shows Bitcoin is far above key moving averages.
In the past several months, despite the strong rally of Bitcoin, Google Trends activity has been low.
According to data from The Tie, the monthly tweet volume of Bitcoin in October only rose 7.8%. The lack of retail interest despite the price being at multi-year highs indicates BTC might be in an early bull market phase.
According to the Mayer Multiple, historical Bitcoin price cycles show the current BTC rally is not overheated.
The Mayer Multiple analyzes the price of Bitcoin based on its 200-day moving average, which evaluates its long-term price trend.
The hash rate of Bitcoin fell steeply in a short period.
The 30-day average hash rate over the past year shows the Bitcoin hash rate is still near its record high.
Based on HODL waves, which evaluate the trend of long-time Bitcoin holders, more investors are increasingly holding BTC for longer periods.
Investors have been steadily accumulating BTC. The increasing holding of BTC put together with strong fundamentals, favorable high time frame technical structure, and positive technical indicators have strengthened the overall market sentiment that may eventually trigger an even bigger rally for Bitcoin.
5 signs that the real Bitcoin rally may only be just beginning
gepubliceerd op Nov 2, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.