Connect with us

bitcoin

Bitcoin Dejavu: Massive Bull Run Ahead If BTC Price Repeats 2015 Pattern

Published

on

first-banner-ad


The collapse of the FTX exchange spread like a contagion over the whole cryptocurrency market, with Bitcoin and other altcoins experiencing sharp corrections over the past few weeks. Bitcoin is currently trading close to the $16,530 mark and is down by more than one percent. 

According to an analysis by crypto analyst Trader Tardigrade, Bitcoin is currently following a similar chart pattern as it did in 2015. The pattern indicates that a “massive bull run” might be in store for the king cryptocurrency. 

The expert has pointed out two important indicators that support his claim,

“1. Inverted and Logarithmic MACD [moving average convergence divergence] moves above zero line.” and “2. BTC falls onto the support zone, which created by upper wick of a monthly candle in previous cycle top.”

Do historical Data have the Opposite Story?

In the opinion of another cryptocurrency researcher, Moustache, Bitcoin might not see a bull run in the future. It is supported by historical research that looks even further back in time and keeps track of the RHODL [realized value HODL waves] ratio.

On-chain Data Shows a Ray of Hope

According to data from Glassnode, the number of addresses on the Bitcoin network with non-zero balances has significantly increased. Mid-October saw the start of growth, which then took off as November got underway. As shown in the graph below, this growth was followed by a similarly rapid rise in the number of addresses with non-zero balances.

On-chain data also reveals that most non-zero addresses were created within the last month. A higher number of transactions results from an increase in the number of new addresses and the number of transactions logged on the network has significantly increased over the past month.





Source link

Continue Reading
Click to comment

Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.