BitcoinOutlook
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Ten Technical and On-Chain Indicators Suggest Bitcoin's Bull Market Remains Strong in 2023
Introduction: Bitcoin (BTC) has been experiencing a period of consolidation, hovering below the $29,000 level after reaching new yearly highs around $31,800 earlier this month. As the market awaits the US Federal Reserve's policy announcement, many are analyzing the cryptocurrency's prospects in the face of an expected 25 bps rate hike. While the rate hike itself may not significantly impact Bitcoin, the central bank's tone regarding future interest rate hikes could introduce some volatility. However, several fundamental and technical factors continue to point to a bullish outlook for Bitcoin's long-term growth in 2023.
Bitcoin Reclaims its 200-Day Moving Average: Historically, when Bitcoin surpasses its 200-Day Moving Average after a prolonged period below it, it marks the early stages of a new bull market cycle. This trend has historically served as a strong long-term buy signal.
Bitcoin's Realized Price and Its Bullish Implication: Akin to the 200DMA, when Bitcoin rises above its Realized Price, which reflects the average price investors paid for their Bitcoin, it typically signals the beginning of a new bull market. This further supports the notion of a bullish market outlook.
Accelerating New Bitcoin Address Creation: The 30-Day Simple Moving Average (SMA) of new Bitcoin address creation surpassed its 365-Day SMA, indicating that the rate of new Bitcoin wallet creation is accelerating. This pattern historically occurs at or near the start of bull markets, adding to the optimistic outlook.
Rising Revenue From Fees: Glassnode's Revenue From Fees Multiple spiked higher, signifying an increase in demand for blockspace. As the Multiple's Z-score crossed above 0, it typically indicates the early stages of a bull market, signifying on-chain expansion.
Market Profitability and Realized Profit-Loss Ratio: Bitcoin's 30-Day SMA of the Realized Profit-Loss Ratio (RPLR) has risen above one and continues to rise. This means the market is realizing more profits than losses, indicating a healthy inflow of demand to absorb profit-taking.
Positive Adjusted Spent Output Profit Ratio (aSOPR): Bitcoin's 30-day SMA of Adjusted Spent Output Profit Ratio is above one, indicating the market is well in profit. This condition has historically been a great buy signal when rising above one after a prolonged spell below it.
Uptrend in Bitcoin Supply in Profit: The 90-day Exponential Moving Average (EMA) of Bitcoin Supply in Profit has been on an uptrend over the last 30 days, suggesting a shift in investor cost basis between unrealized profit and loss, often occurring near macro market cycle changes.
Weak-Hand Seller Exhaustion: The Bitcoin Realized HODL Multiple has been in an uptrend for at least 90 days, indicating USD-denominated wealth is shifting back towards new demand inflows, signaling weak-hand seller exhaustion.
Gradual Recovery of HODLer Conviction: The Reserve Risk indicator, representing Bitcoin HODLer conviction, has been gradually recovering from an all-time low. This indicates that long-term investors' confidence is returning, signaling a strong buy signal.
Conclusion: While Bitcoin's short-term volatility may be influenced by the US Federal Reserve's policy announcement, the cryptocurrency's long-term outlook remains highly positive. Ten widely followed technical and on-chain indicators support the continuation of the bull market that began in 2023. As institutional interest in Bitcoin grows, and regulatory and legal victories pave the way for greater adoption, the cryptocurrency's innovative potential and decentralized nature are likely to fuel its growth and inspire confidence among investors and enthusiasts alike.
$BTC
#BitcoinOutlook
#CryptoBullishMomentum
#OnChainIndicators
#BitcoinProfitability
#HomeMining2023
Bitcoin Reclaims its 200-Day Moving Average: Historically, when Bitcoin surpasses its 200-Day Moving Average after a prolonged period below it, it marks the early stages of a new bull market cycle. This trend has historically served as a strong long-term buy signal.
Bitcoin's Realized Price and Its Bullish Implication: Akin to the 200DMA, when Bitcoin rises above its Realized Price, which reflects the average price investors paid for their Bitcoin, it typically signals the beginning of a new bull market. This further supports the notion of a bullish market outlook.
Accelerating New Bitcoin Address Creation: The 30-Day Simple Moving Average (SMA) of new Bitcoin address creation surpassed its 365-Day SMA, indicating that the rate of new Bitcoin wallet creation is accelerating. This pattern historically occurs at or near the start of bull markets, adding to the optimistic outlook.
Rising Revenue From Fees: Glassnode's Revenue From Fees Multiple spiked higher, signifying an increase in demand for blockspace. As the Multiple's Z-score crossed above 0, it typically indicates the early stages of a bull market, signifying on-chain expansion.
Market Profitability and Realized Profit-Loss Ratio: Bitcoin's 30-Day SMA of the Realized Profit-Loss Ratio (RPLR) has risen above one and continues to rise. This means the market is realizing more profits than losses, indicating a healthy inflow of demand to absorb profit-taking.
Positive Adjusted Spent Output Profit Ratio (aSOPR): Bitcoin's 30-day SMA of Adjusted Spent Output Profit Ratio is above one, indicating the market is well in profit. This condition has historically been a great buy signal when rising above one after a prolonged spell below it.
Uptrend in Bitcoin Supply in Profit: The 90-day Exponential Moving Average (EMA) of Bitcoin Supply in Profit has been on an uptrend over the last 30 days, suggesting a shift in investor cost basis between unrealized profit and loss, often occurring near macro market cycle changes.
Weak-Hand Seller Exhaustion: The Bitcoin Realized HODL Multiple has been in an uptrend for at least 90 days, indicating USD-denominated wealth is shifting back towards new demand inflows, signaling weak-hand seller exhaustion.
Gradual Recovery of HODLer Conviction: The Reserve Risk indicator, representing Bitcoin HODLer conviction, has been gradually recovering from an all-time low. This indicates that long-term investors' confidence is returning, signaling a strong buy signal.
Conclusion: While Bitcoin's short-term volatility may be influenced by the US Federal Reserve's policy announcement, the cryptocurrency's long-term outlook remains highly positive. Ten widely followed technical and on-chain indicators support the continuation of the bull market that began in 2023. As institutional interest in Bitcoin grows, and regulatory and legal victories pave the way for greater adoption, the cryptocurrency's innovative potential and decentralized nature are likely to fuel its growth and inspire confidence among investors and enthusiasts alike.
$BTC
#BitcoinOutlook
#CryptoBullishMomentum
#OnChainIndicators
#BitcoinProfitability
#HomeMining2023
🚨 Bitcoin Bull Trend Hits Pause: Key Insights Unveiled! 📉🔍
Crypto Enthusiasts, buckle up as we dissect the current scenario impacting Bitcoin's bullish trajectory post-ETF approvals. Despite a surge to $48,000, the journey seems temporarily halted. Let's unravel the reasons and peer into the future! 🚫📊
Wallet Dynamics Unveiled: Shifting Coin Ages!
Surprising on-chain data from Santiment reveals a swift movement of older coins in large Bitcoin wallets, signaling a change in market dynamics. The decrease in average coin age within these wallets hints at a potential pause in the ongoing bullish cycle. 🧐📈
💬 What's your take on this shift in large wallet movements? Share your insights!
Options Data Unraveled: ETF Impact Unveiled!
A deep dive into options data exposes the impact of U.S. stock ETF trading on cryptocurrency prices. Block trades today showcase substantial activity in large put options, constituting 16% of the total—a noteworthy volume. Short-selling trends in short-term put options, especially in block trades exceeding $5 million, add a layer of complexity.
💬 How do you interpret the surge in large put options? Join the discussion!
Hope Amid Uncertainties: What Lies Ahead?
Despite the prevailing concerns, a glimmer of optimism emerges. Some analysts believe that stability may be on the horizon, with major whales potentially reigniting the market. Speculations hint at another upward wave, targeting $45,000 and even $50,000.
💭 Share your predictions! Where do you see Bitcoin heading in the coming weeks?
🚀💻 Stay Ahead in Crypto: Follow @MemeLauncher for Real-Time Updates! 🔗🌐
#BitcoinPause #CryptoInsights #BitcoinOutlook #CryptoOptimism #BTCpredictions
Crypto Enthusiasts, buckle up as we dissect the current scenario impacting Bitcoin's bullish trajectory post-ETF approvals. Despite a surge to $48,000, the journey seems temporarily halted. Let's unravel the reasons and peer into the future! 🚫📊
Wallet Dynamics Unveiled: Shifting Coin Ages!
Surprising on-chain data from Santiment reveals a swift movement of older coins in large Bitcoin wallets, signaling a change in market dynamics. The decrease in average coin age within these wallets hints at a potential pause in the ongoing bullish cycle. 🧐📈
💬 What's your take on this shift in large wallet movements? Share your insights!
Options Data Unraveled: ETF Impact Unveiled!
A deep dive into options data exposes the impact of U.S. stock ETF trading on cryptocurrency prices. Block trades today showcase substantial activity in large put options, constituting 16% of the total—a noteworthy volume. Short-selling trends in short-term put options, especially in block trades exceeding $5 million, add a layer of complexity.
💬 How do you interpret the surge in large put options? Join the discussion!
Hope Amid Uncertainties: What Lies Ahead?
Despite the prevailing concerns, a glimmer of optimism emerges. Some analysts believe that stability may be on the horizon, with major whales potentially reigniting the market. Speculations hint at another upward wave, targeting $45,000 and even $50,000.
💭 Share your predictions! Where do you see Bitcoin heading in the coming weeks?
🚀💻 Stay Ahead in Crypto: Follow @MemeLauncher for Real-Time Updates! 🔗🌐
#BitcoinPause #CryptoInsights #BitcoinOutlook #CryptoOptimism #BTCpredictions
📰 The Block cites analysts: Grayscale's lawsuit win over SEC adds uncertainty to Bitcoin's September outlook. 📉 Historically, Bitcoin has shown sluggishness during September. 💱 James Butterfill from Coinshares notes low trading volume as a risk for price swings due to large transactions. 📈 Eric Crown of KnownTrading adds Bitcoin has seen negative returns in 9 out of 13 tough Septembers post-Bitcoin's debut, averaging a decline of about 12.8%. 🔍⚖️ Bitcoin's direction hinges on Dollar Index (DXY) and more than just seasonal trends. #CryptoAnalysis #SeptemberMarketTrends #BitcoinOutlook 🌐🔮
🚨 Crypto Alert: Brace Yourselves for Potential Moves in 2-3 Months! 📊🔍
Hold onto your seats, crypto enthusiasts! We might be in for a ride in the next 2-3 months. It's early to confirm, but let's stay vigilant. A thorough review next week will shed light on #BTC's trajectory. Hoping for the best but preparing for any twists in the market!
📉 Technical Insights: The recent daily closure below ema20, the first since the 25k mark, raises eyebrows. If BTC can't reclaim the 44200 mark by Tuesday, signs point towards a potential downtrend or choppy market for the next 2 months. Keep a keen eye on that crucial 44200 level – a make-or-break moment.
🔄 Bearish Crossdown Alert: The bearish Crossdown on the 3D chart is in action, and its impact is significant. All attention is on the 44200 level; a decisive move will dictate the market sentiment.
🐻 Remaining Bearish Stance: Personally, the outlook remains bearish for the time being. Skepticism about BTC crossing the 44200 level persists. This prompts a consideration for the flow of funds into ALTs ($BTC $ETH $SOL ).
💬 Your Opinion Matters: What's your take on the current market indicators? Share your insights in the comments below. Let's engage in a collective analysis!
👍 Like, Share, Follow: Stay in the loop with market dynamics. Hit like, share your perspectives, and follow @MemeLauncher for real-time updates.
Together, let's navigate the crypto waves! 🚀📈 #CryptoAlert #MarketAnalysis #BitcoinOutlook #BTC #BitcoinPrice2024
Hold onto your seats, crypto enthusiasts! We might be in for a ride in the next 2-3 months. It's early to confirm, but let's stay vigilant. A thorough review next week will shed light on #BTC's trajectory. Hoping for the best but preparing for any twists in the market!
📉 Technical Insights: The recent daily closure below ema20, the first since the 25k mark, raises eyebrows. If BTC can't reclaim the 44200 mark by Tuesday, signs point towards a potential downtrend or choppy market for the next 2 months. Keep a keen eye on that crucial 44200 level – a make-or-break moment.
🔄 Bearish Crossdown Alert: The bearish Crossdown on the 3D chart is in action, and its impact is significant. All attention is on the 44200 level; a decisive move will dictate the market sentiment.
🐻 Remaining Bearish Stance: Personally, the outlook remains bearish for the time being. Skepticism about BTC crossing the 44200 level persists. This prompts a consideration for the flow of funds into ALTs ($BTC $ETH $SOL ).
💬 Your Opinion Matters: What's your take on the current market indicators? Share your insights in the comments below. Let's engage in a collective analysis!
👍 Like, Share, Follow: Stay in the loop with market dynamics. Hit like, share your perspectives, and follow @MemeLauncher for real-time updates.
Together, let's navigate the crypto waves! 🚀📈 #CryptoAlert #MarketAnalysis #BitcoinOutlook #BTC #BitcoinPrice2024
"ByteTree raises its Bitcoin price outlook from 'neutral' to 'bull' in response to the U.S. bond market crisis, citing Bitcoin as an attractive investment and a safe haven that can respond to declining U.S. Treasury prices. The report also notes Bitcoin's outperformance compared to traditional markets and anticipates a significant rally once interest rates peak and the bond selling period concludes. 📈🪙 #BitcoinOutlook #Cryptocurrency"
BitMEX founder Arthur Hayes views the Hong Kong financial authorities' review of cryptocurrency spot ETF approval as positive for Bitcoin, noting that competition in this space is beneficial for BTC. 🇭🇰🪙📈 #CryptoETF #BitcoinOutlook
Crypto analyst Justin Bennett warns of possible 54% BTC correction, drawing parallels to 2020's S&P 500 drop, predicting a potential $15,000 #BitcoinOutlook 📉💰
📊📈 Weekly Investor Sentiment Survey: Bitcoin Outlook and Market Trends 📉🔍
The latest Coinness and Kratos joint survey reveals insights into the sentiment and expectations of domestic investors:
📉 29.1% of respondents predicted a Bitcoin rise or surge this week (down from 40.6%).
📉 27.4% expected a decline or sharp drop in Bitcoin (up from 14.7%).
🤷♂️ 54.7% maintained a neutral market sentiment.
🚀 22.6% expressed optimism or extreme optimism (decrease from previous week).
💰 Tron was chosen by most to be sold after Bitcoin, followed by Solana, Milk, Aha, and Clayton.
🛒 Milk, Polygon, Aha, Tron, and Klaytn were top picks for cryptocurrencies to be bought.
💡 In response to a sharp price drop:
- 39.3% would buy more to "go on the water."
- 33.4% would implement stop-loss strategies.
- 27.2% would wait and observe.
These insights showcase evolving market sentiment and preferences among domestic investors. Stay tuned for more updates! #CryptoMarket #InvestorSentiment #BitcoinOutlook #MarketTrends
The latest Coinness and Kratos joint survey reveals insights into the sentiment and expectations of domestic investors:
📉 29.1% of respondents predicted a Bitcoin rise or surge this week (down from 40.6%).
📉 27.4% expected a decline or sharp drop in Bitcoin (up from 14.7%).
🤷♂️ 54.7% maintained a neutral market sentiment.
🚀 22.6% expressed optimism or extreme optimism (decrease from previous week).
💰 Tron was chosen by most to be sold after Bitcoin, followed by Solana, Milk, Aha, and Clayton.
🛒 Milk, Polygon, Aha, Tron, and Klaytn were top picks for cryptocurrencies to be bought.
💡 In response to a sharp price drop:
- 39.3% would buy more to "go on the water."
- 33.4% would implement stop-loss strategies.
- 27.2% would wait and observe.
These insights showcase evolving market sentiment and preferences among domestic investors. Stay tuned for more updates! #CryptoMarket #InvestorSentiment #BitcoinOutlook #MarketTrends
📉💭 Wolf Research analyst Rob Ginsberg's perspective: In an interview with CNBC, he suggests that the recent Bitcoin price decline might just be the start. 📉💰 He points out that if investor sentiment wanes, Bitcoin could potentially drop to the $20,000 range in the future. Ginsberg observes deteriorating momentum and trends, increasing the likelihood of further decline. While BTC has rebounded slightly post a major pullback, its price outlook remains uncertain. 📉💡 "Dead cat bounce" might lead to support formation around the $20,000 mark. Current BTC price stands at $26,127.18, up 0.16%, as per CoinMarketCap. 🌐📈 #BitcoinOutlook #CryptoAnalysis #BitcoinWorld
📉 Bloomberg's Mike McGlone predicts: 🇺🇸 As the Fed tightens policy, Bitcoin's price, a high-risk asset, could dip over 5% with high interest rates. 🔍 He suggests a potential drop below $25,000. 💰 But don't fret! 📈 In the long run, it'll shine like gold and bonds. 🚀🪙 #BitcoinOutlook #MarketAnalysis #CryptoFuture 💎📊
🚀 Despite a 160% rise since the year began and Bitcoin reclaiming $43,000, experts suggest there's substantial upside potential ahead, with Hal Press of North Rock Digital highlighting Bitcoin's growing role as a global macro asset and its increasing market dominance. The demand for Bitcoin as a store of value and expectations of regulatory clarity, including a potential Bitcoin spot ETF approval in the U.S., contribute to this positive outlook. Analysts at altFINS emphasize that institutional investor inflow and ETF hopes are driving the rally, while monitoring global macroeconomic trends and central banks' actions in the fight against inflation remains crucial. 🌐🪙 #BitcoinOutlook
📊🚀 Only 6 Altcoins Outpace Bitcoin This Year! 📈🔥
Among the top 50 tokens by market cap, just six altcoins have managed to outshine Bitcoin so far in 2024, with Bitcoin dominance reaching a three-year high over the weekend. 📉📈
Leading the pack is the memecoin Dogecoin ($DOGE ), boasting year-to-date gains of over 77%. Other notable performers include fellow memecoin Shiba Inu (SHIB), Bitcoin smart contract network Stacks (STX), Binance’s BNB, Ethereum layer-2 network Mantle (MNT), and GPU-sharing blockchain network Render (RNDR). 🐕🌟
$RNDR
Despite Bitcoin's dominance, it has seen significant growth this year, climbing from $44,100 to $65,000, marking a year-to-date gain of 54%. The surge has been fueled by consistent institutional inflows into U.S.-traded spot Bitcoin exchange-traded funds (ETFs), generating over $12 billion in cumulative net inflows. 💼💰
While Bitcoin has bounced back from recent marketwide sell-offs triggered by geopolitical tensions, smaller altcoins have struggled to regain ground. Notably, Aptos (APT) and Uniswap (UNI) led the decline among the top tokens, posting significant losses in the last seven days. 📉😞
$UNI
Looking ahead, IG Market analyst Tony Sycamore predicts a gradual climb for Bitcoin, expecting it to reach around $80,000 in the coming months, provided it maintains support above key levels. Despite current negative sentiment, the outlook remains optimistic for the leading cryptocurrency. 🚀💼 #AltcoinPerformance #BitcoinOutlook
Among the top 50 tokens by market cap, just six altcoins have managed to outshine Bitcoin so far in 2024, with Bitcoin dominance reaching a three-year high over the weekend. 📉📈
Leading the pack is the memecoin Dogecoin ($DOGE ), boasting year-to-date gains of over 77%. Other notable performers include fellow memecoin Shiba Inu (SHIB), Bitcoin smart contract network Stacks (STX), Binance’s BNB, Ethereum layer-2 network Mantle (MNT), and GPU-sharing blockchain network Render (RNDR). 🐕🌟
$RNDR
Despite Bitcoin's dominance, it has seen significant growth this year, climbing from $44,100 to $65,000, marking a year-to-date gain of 54%. The surge has been fueled by consistent institutional inflows into U.S.-traded spot Bitcoin exchange-traded funds (ETFs), generating over $12 billion in cumulative net inflows. 💼💰
While Bitcoin has bounced back from recent marketwide sell-offs triggered by geopolitical tensions, smaller altcoins have struggled to regain ground. Notably, Aptos (APT) and Uniswap (UNI) led the decline among the top tokens, posting significant losses in the last seven days. 📉😞
$UNI
Looking ahead, IG Market analyst Tony Sycamore predicts a gradual climb for Bitcoin, expecting it to reach around $80,000 in the coming months, provided it maintains support above key levels. Despite current negative sentiment, the outlook remains optimistic for the leading cryptocurrency. 🚀💼 #AltcoinPerformance #BitcoinOutlook