Bitcoin (BTC) demonstrates signs of a potential bull tendency in May caused by key indicators. Experts identified factors such as the economy of miners, a network hashrat, the long -term accumulation of the owner and the growth of global liquidity of fiat, which suggests that the increase in prices can be on the horizon.
This happens because the largest cryptocurrency has continued its restoration since the beginning of April, which is 14.6% more than in the last month.
Does Bitcoin Bull Run return?
In the last message of X (previously Twitter), the analyst and founder of Wim Media Robert Bradley referred to data on the average value of the blocked command miner to predict that Bitcoin can be on the verge of the bull market.
He noted that the price, as a rule, does not remain below this average for a long period, since it represents a threshold in which miners can stop operations, albeit unprofitable.
“In the rational economy, assets are rarely traded below their cost of production,” Bridlov said.
He emphasized that the index accurately identified six bottom in the period from 2016 to 2024. It is noteworthy that it signals the other day, which suggests that the increase in prices in bitcoins can be inevitable.
Macromicro data additionally confirm this. At the time of writing, a 30-day sliding average (MA) ratio of prices for the cost of production for BTC was 1.05.
This indicated that miners work an average of an average of the last month. Therefore, this can potentially lead to a luxurious movement of prices, since miners work on a scale of losses, a tight offer.
Bitcoin betting model, which estimates the cost of bitcoins based on historical The relationship between the price and the hash adds to the bull prospects.
Analyst Giovanni commented on X that the model is currently at the Bitcoins support level.
“The fact that the BTC assessment based on the hash Starts is at the support level means that, probably, we have reached some local bottom,” the analyst said.
Additional market signals enhance the case of a potential rally. Breedlove noted that the long -term owners have accumulated approximately 150,000 BTC over the past 30 days. This suggested a decrease in sales pressure in the range from 80,000 to $ 100,000.
Since less people are ready to sell bitcoins at these levels, the price may face increased pressure, since demand remains strong, but the supply of available bitcoin is exhausted.
“In essence, the price of bitcoins is simply a function of supply and demand. After increasing the price of bitcoins, you begin to see previously inactive coins move in a chain. In the opposite direction, after long periods of lateral or negative action, long-term holders begin to accumulate more coins, setting a scene for shock and increased pressure at a price at a price, ”he added.
In addition, the growing global liquidity of Fiat expands the capital pool available for investment in bitcoins. This is additionally supported by exchange funds (ETF), bitcoin-treasury companies and convertible bonds.
These financial vehicles provide easier access for new liquidity for the Bitcoins market, overcoming the gap between traditional finances and cryptocurrency.
“And this is not only the liquidity of US dollars, which increases – the liquidity of all fiat currencies is growing, and Bitcoin is a global asset,” Bridlov said.
Recently, Beincrypto has also identified several bull factors for BTC. The obvious demand of the coin has become positive, implying an increase in interest or purchasing activity for bitcoins.
In addition, the market value to the realized value (MVRV) bounced from the historically significant average value of 1.74. This movement previously turned out to be a reliable indicator of the early stages of the bull market for bitcoins.
Among these bull features, BTC prices were quite noticeable. After a brief fall below the mark of 75,000 in early April, the price continued to recover.
Over the past week, BTC has observed 4.3% of growth. During the press, the trade price of Bitcoin amounted to 97,048 dollars, which is 2,3%daily profits.
