Bitcoin: Indications point to a bull cycle post current accumulation, here’s why
Bitcoin, the largest cryptocurrency began the month of May amidst a cloud of uncertainties. With a decision on United States monetary policy due Wednesday, markets attempted to align themselves with central bank policy. Given these headwinds, investors/trader might fear BTC’s further correction in price.
BTC’s price at press time was trading around $38,400, up 2.2% over the past 24 hours. But, Bitcoin ended April 17% down, setting the milestone for the worst month of 2022 for crypto so far. No wonder, BTC enthusiasts are seemingly losing confidence as per Santiment’s insights.
Bitcoin’s network is seeing a massive 12.5 to 1 ratio of transactions in profit versus transactions in loss territory. This, as per Santiment, showcased that traders’ confidence in BTC regaining the $40k mark appeared to be slim.
Source: Santiment
Different renowned analyst within this space too have portrayed bearish price targets for the king coin. On 1 May, legendary veteran trader Peter L. Brandt, who is one of the world’ most respected classical chartists, commented on Bitcoin’s latest price action. And according to him, BTC could very well head towards the $28k mark soon.
But here’s what investors could look forward to.
BTC could be gearing up for an upcoming bullish cycle when comparing BTC’s historical prices. Consider the chart below:
Source: CryptoQuant
After Bitcoin reached its peak in 2017, UTXO COUNT fell when the downturn began Currently, UTXO COUNT is continuously rising. Based on the green line, the Bitcoin market is the beginning of a new bullish cycle.
As per CryptoQuant insights,
“Considering the current price of Bitcoin, Tokens Transferred figures show that large institutions have been actively buying Bitcoin through OTC transactions
Read more on ambcrypto.com
