• New data suggests that Bitcoin’s bull market could continue.
• Short positions against Bitcoin rise as the MVRV ratio increases.

Bitcoin has undergone substantial price fluctuations in the past few months. This has raised speculations about its future prospects. However, data from CryptoQuant suggests that Bitcoin could now be in a bull market. And this might continue for a while.

Read Bitcoin’s Price Prediction 2023-2024

The bulls take charge

CryptoQuant’s cycle indicator has been on the rise in recent days. This suggested a positive outlook for BTC.

Additionally, short-term Bitcoin holders have started to make a profit, with data from CryptoQuant showing a 7.6% increase in profits over the past few months. This is yet another sign that shows- BTC is entering a bull market.

However, a contrarian view was noted of late. In recent days, Bitcoin’s exchange inflow went up with a significant portion of the surge coming from whales and miners. This has led to the highest levels of inflow seen in 2023.

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Author: Himalay Patel

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