• BTC’s price was close to BTC’s 1 million to 3 million realized price – UTXO Age Bands.
• The king coin increased by 1.7% in the last 24 hours and was trading at $27,331.54, at press time.

Bitcoin’s [BTC] price has followed a sideways path for quite some time as its volatility remained low. This stirred fear among many investors, as they expected BTC to continue its Q1 performance in Q2.

However, CryptoQuant’s recent analysis pointed out quite a few factors that hinted a price uptick could be in the making. So the most pertinent question here is- Can BTC now finally breach its sideways path?

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Bitcoin is resting before a bull rally

MAC_D, an author and analyst at CryptoQuant, pointed out quite a few factors that suggested an uptrend. A look at various on-chain cycle metrics such as MVRV and SORP, revealed that the current interval was a recession, meaning a recovery phase. Therefore, in the long run, BTC’s price can be seen to be more upward. 

Apart from that, growth was also noted in terms of Bitcoin’s intrinsic value. As per the analysis, there has been a recent adjustment trend, but this seems to be a short-term phenomenon due to network overheating.

Overall, a look at BTC’s hashrate and difficulty suggested that the blockchain was actually growing. The analysis also mentioned that the coin’s price was close to
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Author: Dipayan Mitra

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