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BTC traders should read this before they lose confidence in the market

Press Releases Crypto News AMB-Crypto BTC traders should read this before they lose confidence in the market

Bitcoin might already have started its next bull run according to address activity.
Short-term sell pressure still a function of the run-up as evidenced by profit-taking in the near term.

Bitcoin’s [BTC] stagnating performance combined with the previous failed attempts to push beyond the $30,000 level. This performance has led to a drop in confidence but investors should consider one key factor that may favor the bulls in the long term.

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A recent CryptoQuant analysis suggested that Bitcoin might be in the early stages of the next bull market. This was largely based on active addresses on a 30-day moving average. It took into account scenarios where the number of active addresses witnessed significant growth after a consolidation phase.

Source: CyptoQuant

Bitcoin recently enjoyed a significant surge in active addresses as was previously the case in 2019. If the same trend ensues, then it means BTC has already commenced the next bullish phase.

However, a closer look at the same chart revealed that there were instances where the market experienced corrections. This was reminiscent of the current situation where Bitcoin has been experiencing some retracement after a robust rally.

Assessing Bitcoin’s long-term flows and profit taking

There were other observations in Bitcoin metrics that affirmed the long-term bullish expectations. For instance, Bitcoin’s exchange reserves have been on the decline and stood at their lowest historic levels. This reflected the demand that prevailed in the last few months.

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Author: Michael Nderitu

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