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.

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