Is Bitcoin's history repeating itself? Why a bull run is coming
In October 2023, Bitcoin experienced a wave of selling.
Technical indicators are now bearish for Bitcoin. But did you know? Bitcoin has quietly approached the $62,000 mark in recent days. Although this increase does not seem to be too large, it may be a precursor to a new bull run.
Will Bitcoin repeat history?
AMBCrypto previously reported that Bitcoin is adjusting and slowly approaching $62,000. Moreover, more and more people are buying Bitcoin, which usually drives the price up.
Now, Bitcoin is trading at $62,525.3. The latest analysis shows that Bitcoin seems to be following the old path. Cryptocurrency analyst Mister Crypto posted a post on Twitter saying that Bitcoin experienced a similar situation in 2023, which was also a consolidation phase, and then plummeted. Now the situation is a bit similar. If history really repeats itself, it would not be surprising if Bitcoin starts a bull run in a few days.
What can we expect from Bitcoin? AMBCrypto took a look at Bitcoin’s on-chain data to see if it all points to a higher price. According to their analysis, Bitcoin miners want to hold onto their assets, as shown by the green Miner Position Index. Moreover, Binary Customer Due Diligence is also green, which indicates that long-term holders have moved less than usual in the past seven days and want to hold onto their coins.
However, an indicator called aSORP does not look good, showing that more investors are selling after making money. In the middle of a bull market, this could be a sign that the market has topped.
As for Bitcoin’s price prediction for 2024 to 2025, you can check it out.
Finally, let’s take a look at Bitcoin’s daily chart. Despite all the positive indicators mentioned above, Bitcoin’s technical indicator MACD showed a bearish crossover, which means that investors may see a price drop. If it does, Bitcoin may soon fall back to the $54,000 support level.
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