Bitcoin: 3 reasons why BTC’s bull run may already be underway
The post Bitcoin: 3 reasons why BTC’s bull run may already be underway appeared on BitcoinEthereumNews.com.
Bitcoin’s market cycle bottom ROI has hit a new low, signaling the start of a bullish cycle. There was massive liquidation above $72K, as MicroStrategy completed a stock split. The return on investment (ROI) from the bottom of the last Bitcoin [BTC] market cycle has hit a new low. Alongside, the percentage of Bitcoin in profit also dropped to its lowest since October 2023. As prices surpassed $54K, 71% of holders were in profit. The last time this happened, Bitcoin was priced at $28K. So, the market has cooled off from overheated levels to yearly lows, but at double the previous price. This phase in the Bitcoin market cycle aligns with typical patterns seen in past cycles. Understanding the current cycle can help investors make better decisions as history suggests we are on track, staying informed and adaptable is crucial as the market changes. Source: IntoTheCryptoVerse Massive liquidation resting above $72K Over $15 billion in Bitcoin short positions are set to be liquidated between $70K and $72K, according to AMBcrypto’s look at Coinglass data. This suggests that the next Bitcoin market cycle could begin soon, as the price approaches the critical $72K resistance level. Traders and investors should monitor this metric closely, as it could influence decisions on their long-term view of Bitcoin, which appeared bullish at press time. Source: Coinglass Bitcoin bull flag still holding Bitcoin’s bull flag pattern remained intact at press time. The longer it holds, the more likely a significant breakout becomes. If the pattern continues to consolidate, we could see a major price surge. This is an exciting time for those following Bitcoin. The best-case scenario in this situation would be for Bitcoin to break through the $72K mark, signaling strong upward momentum. Source: TradingView MicroStrategy completes stock split Moreover, MicroStrategy recently completed a 1:10…
Filed under: News - @ August 10, 2024 3:28 am