BTC’s bull run is on the cards but here’s why traders may have to wait for it
The post BTC’s bull run is on the cards but here’s why traders may have to wait for it appeared on BitcoinEthereumNews.com.
Bitcoin’s latest exchange outflows reignite hopes of a long-term bullish trend. Assessing whether the market will shift from short-term profit-taking to a long-term outlook. With Bitcoin [BTC] ETF approvals getting closer as well as the fast-approaching next Bitcoin halving, one can’t help but wonder when the next BTC rally will start. The reality is that it could be sooner than expected. Is your portfolio green? Check out the Bitcoin Profit Calculator The reality of the market is that it is approaching a stage where Bitcoin holders might start getting impatient. This is because the market operates in a cycle and the latest cycle has been bearish. But even the bear market eventually has to give way to the next bullish phase. 2024 will likely be a bullish year considering multiple factors that may align with demand shocks. The bullish expectations could trigger a favorable reaction as far as demand is concerned. Many traders will likely want to secure some BTC at discounted prices before more demand raises its floor price. Recent data suggested that it might already be taking place. Bitmex just registered its second-highest Bitcoin outflows at the start of this week. CryptoQuant analyst under the pseudonym Joaowedson made this statement regarding the development. Thus, suggesting that the outflows represent an institutional investor footprint. “This massive withdrawal of Bitcoin from Bitmex caught the attention of market observers as it indicated a significant shift in the landscape. Transactions of Bitcoin in such substantial volumes are often associated with large financial institutions and institutional investors.” The market could still be in a short-term profit-taking mood While the recent surge in BTC outflows could give the impression that the long-term rally has begun, it could be another false positive. This is especially true if the cryptocurrency fails to sustain long-term demand. While…
Filed under: News - @ October 19, 2023 9:20 am