• BTC’s open interest dropped sharply when its price plummeted.
• The Fear & Greed index revealed that the market was in a “fear” phase.

Bitcoin’s [BTC] price once again dropped under the $26,000 mark, sparking fear among investors. The king of cryptos has been reluctant to turn its price action bullish for months as it failed to breach $30,000. However, if history is to repeat itself, BTC will soon enter a bull market. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

This possibility seemed likely as an important metric showed a similar pattern as in 2019, after which BTC’s price skyrocketed. Not only that, but other indicators also gave a notion that Bitcoin might witness a rally in the near term. 

Bitcoin to ditch the bears?

James V. Straten, a crypto analyst, pointed out that Bitcoin was trading below the short-term holders cost basis, which was $28,680, for the third consecutive day. A similar pattern was also noted in 2019, when BTC left the bear market bottom. Therefore, this gave hope that BTC might witness a bull rally over the coming months.

Currently, #Bitcoin is trading below the STH cost basis ($28,680) for the third consecutive day. In June, it traded below for 10 days.

A similar pattern emerged back in 2019 when we left the bottom of the bear market. #Bitcoin went from $12,500 to $6,500 and traded below STH…

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Author: Dipayan Mitra

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