Bitcoin (Bitcoin) Is preparing to make a comeback, which will cause it to repeat the classic bull market of 2013 and 2017, analysts believe.
With the local high of $42,400 on July 31, the narrative surrounding the market is returning to the bullish Bitcoin “supercycle”.
The Bulls will close in 2020
Since mid-May, Bitcoin has been busy repairing the impact of the crash of Chinese miners, but the price increase last week was stronger than most people expected
BTC price trend did not show a serious decline Keep one’s own profit, Which totaled 23% in one week at the time of writing.
What seems almost impossible Just 7 days ago, it is now the flavor of this month for more and more analysts.
“History does not repeat itself, but it often rhymes” #Bitcoin
The repetition will be an outbreak in the fourth quarter. The new ATH entering 2022 seems more likely. The super cycle/last cycle will depend on the IMO situation in 2023. https://t.co/07Ryn3pcTf
— ChartsBTC (@ChartsBtc) July 31, 2021
Jeff Ross, founder and CEO of Vailshire Capital, said: “After three disturbing months of news and price movements, Bitcoin continues to print five consecutive monthly candlesticks, and in 2013 Rose by about 10 times in the second half of the year,” Say In a Twitter comment on Saturday.
“I still think that 2021 will behave in a similar way.”
At the same time, with the recent rise, BTC/USD broke through its 21-week exponential moving average. This is the analyst Rekt Capital describe As a “tested bull market indicator.”
The supply shock is back
Although Rose added that such a prediction is “just a guess,” he has more and more on-chain indicators to support him.
Computing power After bottoming out at 83 EH/s, it returned to over 100 exahashes (EH/s) per second, and difficulty There was a positive adjustment for the first time since the price crash on Saturday and May.
Investor behavior further mimics changes in emotions. Since Bitcoin hit a current all-time high of $64,500 in April, powerful holders with little or no history of selling BTC are now back in control at unprecedented levels.
Lex Moskovski, chief investment officer of Moskovski Capital, said: “This is very bullish.” Summarize Next to it is the accompanying diagram of Glassnode. It shows that more and more BTC supply is becoming illiquid-withdrawing from the market, which shows Hodler’s belief.
“Bitcoin’supply shock’ is now at the level where Bitcoin was previously priced at $53,000,” analyst William Clement Comment On the same data.