Bitcoin has confirmed a significant bullish signal, suggesting that a bull run may be imminent. The current bear market seems to be reaching its climax, with a market capitalization of over $1.33 trillion and a surge in buying pressure, reflected in a 29.12% increase in trading volume. Despite the slight decrease in dominance, long-term forecasts remain highly optimistic, indicating the potential for a bullish market.
Recently, Bitcoin surpassed $35,000 and almost reached $36,000, causing a shift in market sentiment from bearish to bullish. The price also crossed the 6-month to 3-year holder cost basis at $34,150, further supporting the bullish trend. Historical data shows that in the past, whenever Bitcoin surpassed this cost basis, it experienced significant bull runs of 4,778%, 99%, and 787%. Therefore, similar price action can be expected in the coming days.
Bitcoin’s monthly candle for the current 4-year cycle, known as candle ‘3,’ is the strongest ever recorded. It has shown minimal downside wicking compared to 2015 and minimal upside wicking compared to 2019. This solid candle formation further strengthens the bullish claim and sets a strong foundation for the upcoming bull run.
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