4 Indicators That Suggest Bitcoin Is on the Verge of a Record Bull Run
Bitcoin is continuing to be moving higher after consolidating below 12,000 USD for the last two weeks. The asset trades at 12,300 USD at the time of writing this article, having broken above significant resistance levels.
Bitcoin stays underneath a crucial long-term resistances at 14,000 USD, but experts are expecting the beginning of a full-scale bull run. They refer to a confluence of fundamental, on-chain, and technical indicators suggesting that Bitcoin is picking up pace.
Bitcoin Is on the Verge of a Massive Upward Rally.
One of the Major advocates for Bitcoin “Vortex” recently said that there are four key indicators suggesting that Bitcoin is “beginning a multi-year bull run” reminiscent of the last major bull run:
- The adoption of Segregated Witness (SegWit), a Bitcoin scaling technology, has recently reached another record-breaking high as exchanges continue to implement the technology. SegWit enables the blockchain to process additional transactions, allowing for additional clients to transact on Bitcoin at a cheaper cost.
- The hash rate of the Bitcoin network has reached another record-breaking high as the price of Bitcoin continues to rise and businesses unveil faster and more powerful mining computers. Two separate investigations by digital asset manager Charles Edwards discovered that the price of Bitcoin on a macro scale is hugely impacted by mining trends.
- 63% of all Bitcoin mined has not been moved in over a year or more. The last time this indicator was this high was towards the beginning of the 2015–2017 bull run that saw Bitcoin rally all the way up to 20,000 USD.
- Google Trends shows that an increasing number of people are googling for Bitcoin and crypto-related topics.
Additional Elements That Substantiate Expectations of An Upturn.
Additional elements that were not mentioned by Vortex also alluded to the conclusion that Bitcoin is on the verge of a bull run.
Charles Edwards, the previously mentioned digital asset manager and Bitcoin expert, recently completed a list as seen below of factors as to why it’s difficult to be bearish on Bitcoin at the moment.
Some of the key factors are as follows, but this is not the complete list, Dave Portnoy entering the Bitcoin world, the Federal Reserve looking into a crypto dollar, the price of gold establishing a support/resistance flip, Tether’s market cap increasing by 26%, an accumulation price structure, and a rise in the number of investors “HODLing” their Bitcoin.
