If you also want to dig deep into the cryptocurrency circle and maximize your investment returns, but you can't recognize the market, then no matter how good the opportunity is, it has nothing to do with you. Follow me on the homepage, and I will share spot codes, bull market layout strategies, and 100-fold potential coins for free every day!

Bitcoin continues to rebound, reclaiming the $62,000 price mark again today, sparking a new round of optimism in the cryptocurrency community.

According to recent analysis by CryptoQuant analyst Crypto Dan, the current market is still in a bull cycle and the long-term prospects for Bitcoin holders are positive.

While the market faces some short-term turbulence, key indicators suggest more gains could be ahead.

The bull market is still ongoing

Crypto Dan shared insights on the CryptoQuant QuickTake platform, highlighting how Bitcoin’s current movement mirrors patterns from previous bull cycles. Specifically, Dan noted that long-term investors were able to achieve profits twice during the bull runs in 2013 and 2020.

He further noted that the 2017 market peak was different, lacking the same cyclical correction seen in other cycles. Dan suggested that if we follow the patterns of 2013 and 2020, the current market could be set for another significant upswing.

In addition to the cycle comparison, Dan also emphasized the global macroeconomic situation, especially the recent trend of interest rate cuts by central banks around the world.

He explained that while it may take several months for liquidity to fully return to the market, prices often move ahead of these developments based on investor expectations.

This expected trend could set the stage for a significant price increase by 2025, offering the potential for significant gains for long-term investors. Analysts recommend:

You are more likely to get better results if you “invest” through the big picture rather than the short-term picture.

Bitcoin rebounds, Coinbase Premium points to accumulation

Meanwhile, Bitcoin is showing signs of recovery after falling to $58,000 earlier this week. As of writing, the asset is trading at $62,080, up 2.4% in the past 24 hours.

This recovery is met with positive sentiment in the crypto community, especially when other indicators point to continued accumulation of Bitcoin.

Another CryptoQuant analyst, Avocado Onchain, provided further insight into Bitcoin price action, focusing specifically on Coinbase Premium, a metric that measures the difference in Bitcoin prices between Coinbase and other exchanges.

Avocado explained that Coinbase Premium fell to -100 points, which is usually a bearish signal. However, the price of Bitcoin has since rebounded, indicating a positive outlook.

BTC Price Prediction: A Rebound Possible Soon?

BTC’s EMA lines are currently in a bearish trend, with the short-term lines below the long-term lines. However, the short-term lines are starting to turn upwards.

If they manage to cross above the longer-term line, they will form a "golden cross" pattern. A golden cross is a bullish signal where a shorter-term moving average crosses above a longer-term moving average, often signaling a possible shift to an uptrend.

EMAs (Exponential Moving Averages) are trend-following indicators used to smooth price data and highlight market trends. They place more weight on recent price action, allowing it to react to changes in momentum. Traders often use the position and crossovers of short-term and long-term EMA lines to identify potential buy or sell opportunities.

If the uptrend continues to develop, BTC may test the resistance level around $64,700. A break above this level could lead to a further rise to $66,500, which would mean a possible increase of 7.2% in price.

However, if this uptrend fails to materialize, BTC could continue in a downtrend and could test the $59,000 support level. If this level does not hold, the price could drop to $57,000, potentially resulting in an 8% correction.