Bitcoin has seen a strong rally over the past couple of days, bringing the coin’s price to $ 37,000 and hit $ 40,000 yesterday afternoon. Therefore, naturally, the question “Is this a bull run?” comes to mind. Given what the on-chain metrics and analysts are saying, the answer may not be what you might expect.
Bitcoin bull run?
Bullish runs can be both short-term and long-term, but depending on what kind of investor you are, your point of view may differ. However, judging by the movement recorded by several indicators on the daily chart, Bitcoin appears to be in good shape. Since July 20, the King’s coin has risen 25.19% and the price movement could also be seen reflected in the indicators. The realized profit showed the biggest jump – the figure increased by $ 2.3 million. It is calculated based on the comparison of the price of the coins in the last movement with the price of the current movement.
Prior to July 26, realized profit was only $ 214,027, while yesterday the same profit was $ 2.5 million. This shows that Bitcoin is much more profitable at the moment than it has been in almost 80 days. In addition, the number of active addresses increased as more people became active as prices rose.
The last time these many addresses were active was on July 3. This positive move is confirmed by the MVRV (Market Value to Realized Value) ratio, which indicates whether the coin has fair value or not. The indicator hit a 43-day high as bitcoin appeared to become profitable.
All of these factors are clear signs of a short-term bullish move. But it’s also important what your buying and selling goals should be.
Entry and Exit Points
Analyst Ton Weiss, in his recent analysis, highlighted important areas that are important for Bitcoin, as well as for investors, in order to get the most out of this bullish move. He identified 2 zones as such. The first one is 40 thousand dollars, which was reached during yesterday’s trading. As soon as BTC closes above $ 40K, a consistent upward movement will become possible for the royal coin.
Second, the 200-day and 50-day moving averages are currently in resistance. To support this bull run, these 2 levels need to be turned into support. He concluded his analysis by repeating:
“I see this as a bull market … As stated on my Twitter account, I expect to rise to $ 100,000 by the end of the year.”