A New Rising Wave is Coming in Bitcoin: The Rally May Start Earlier Than Expected!
CryptoQuant analyst spoke about the current situation of the cryptocurrency market.
The author of the on-chain analysis platform CryptoQuant commented on the current situation of Bitcoin and cryptocurrencies. The analyst stated that with the recent rises, the risk of a turn from the bull trend to the bear trend has decreased significantly.
In the last 24 hours, the price of Bitcoin increased by approximately 4% and rose above the $70 thousand level again. One of the reasons for this move, according to the analyst, was strong demand, with net inflows of approximately 1.2 billion through ETFs over the last week.
The recent price increase has brought back a healthy level of profitability for short-term Bitcoin holders. This reduced the risk of deterioration in investor sentiment and a transition from an uptrend to a downtrend.
The analyst stated that despite the recent activity, the price may continue to consolidate between 60-70 thousand dollars for a while.