Since the price of Bitcoin (BTC) soared to an all-time high (ATH) of $73,750 in March, it has not traded close to this level again. This is despite the Bitcoin halving event on April 20, which further deflated the emissions rate of the digital currency. 

Given recent trends, CryptoQuant analyst J.A Maartunn has shared an analysis that hinted at the potential rally of BTC moving forward.

Bullish case for Bitcoin

As of writing, the price of Bitcoin has dropped by 13.32% from its ATH to $63,716.71. While some might consider the coin nonperforming, Maartunn does not. He pointed out that six months after the halving, the hash rate has continued to grow.

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"Hash Rate is one of Bitcoin’s most fundamental metrics. It measures the amount of computing power being contributed to the Bitcoin network, expressed in TH/s. Currently, it sits at an impressive 683 million TH/s," he said in a post on X.

He also highlighted the sustained efforts of current Bitcoin miners to get in the game despite the challenges associated with mining the coin. This resolute pursuit of the remaining Bitcoin in circulation is one reason why he is bullish in the long term.

Core Bitcoin advocates

Besides J.A Maartunn, Bitcoin also has vocal advocates who believe the asset is headed for a price of over $100,000 very soon. In his characteristic manner, MicroStrategy Chairman Michael Saylor recently noted that "Bitcoin is winning," a statement amid the coin’s recent recovery.

Companies around the world are making many gestures in line with their trust in Bitcoin’s price trajectory. Metaplanet has once again topped its bag with over 100 BTC, the same amount it has done over the past few months.

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Besides direct acquisition, institutional buyers are also gaining exposure to BTC through spot Bitcoin ETF products in the U.S., the U.K. and Hong Kong, among other places.