According to network analyst Willy Wu, price patterns indicate that the bitcoin (BTC) bull market has only just begun.
Mr. Wu told his one million followers on social media platform X that #bitcoin is currently at $BTC This means that the bull market has just begun and is equivalent to the US$20,000 last cycle. The upper limit was not reached last cycle due to the influx of paper #BTC , which is not as important in this cycle.
Paper BTC is a derivative that represents bitcoin but does not involve actually owning the asset.
Wu also points to the Bitcoin Macro Index (BMI), a composite of 17 fundamental and technical macro signals that track the behavior of BTC investors and miners.
This week we broke through the upper blue #band , which is a signal that we are in a full-blown fundamental bull market.
Analysts also note that the bitcoin network is accumulating $1.8 billion in new capital every day.
This is the third highest on record, the record was $2.15 billion in January 2021.
At the time of writing, bitcoin is trading at $71,633. On Tuesday morning, the #cryptocurrency , which ranks first in market capitalization, hit an all-time high of $72,733, up nearly 13% over the past week and more than 47% over the past 30 days.
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