Bitcoin bull market coming? Analysis of the possibility and prospects of history repeating itself
Bitcoin (BTC) has quietly approached $62,000 in recent days, and market sentiment has begun to heat up. Although this seemingly insignificant change may actually be the prelude to a new round of bull market.
Signs of history repeating itself
AMBCrypto pointed out earlier that Bitcoin is currently in a state of consolidation, gradually approaching the psychological barrier of 62,000. At the same time, buying pressure continues to rise, which usually indicates a rise in prices. As of press time, BTC is trading at $61,865.46. If history repeats itself, a bull market rebound will not be surprising in the next few days.
Mister Crypto, a well-known crypto analyst, emphasized on Twitter that Bitcoin's trend in 2023 is similar to last year. After consolidating last year, it experienced a plunge. Will the current situation also lead to a similar ending?
Another analyst, Titan Of Crypto, also mentioned that Bitcoin rebounded from the Gaussian channel, a technical analysis tool that usually identifies potential trading opportunities. Historically, whenever there is a similar rebound, the price of BTC always rises, and this time may be no exception.
AMBCrypto deeply analyzes on-chain data to assess Bitcoin's rise. Data shows that BTC miners prefer to hold assets. Both the green miner position index and the binary CDD indicator indicate that long-term holders have shown below-average selling behavior in the near term, showing a strong motivation to hold.
However, the aSORP indicator warns that more investors are choosing to take profits, which often indicates that the peak of the market is approaching in the middle of a bull market.
Finally, looking at the daily chart of Bitcoin, despite some positive indicators, the MACD technical indicator shows a bearish crossover, which means that the risk of price downside is increasing. If this trend continues, BTC may fall back to the $54,000 support level.
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