After sliding from the $22,000 range last month, BTC has stayed close to the $19,000 range. According to sources data, a strong and brief Bitcoin rally is coming soon.
of an unfavorable macroeconomic scenario.
In recent weeks, Bitcoin (BTC) price movement and trading activity have been very static.
After sliding from the $22,000 range last month, BTC has stayed close to the $19,000 range. Overall, a prolonged sideways trend in the Bitcoin price pattern indicated a high likelihood of a rally, at least in the short term.
The sluggish BTC movement comes at a moment of global financial insecurity. For over four months, the market has been plagued by many setbacks, resulting in a crypto winter situation. The downturn began earlier this year when the Terra collapse triggered a crypto freefall. With a few exceptions, the Bitcoin price has been hovering around $20,000 since mid-June.
On Chain Data Signals At Bitcoin Rebound
Meanwhile, on-chain data shows that the current ecosystem is in a short-term liquidity phase. According to sources data, the market is preparing for a long and robust bull market. The volume of Bitcoin fluctuates on a daily and weekly basis. A sharp increase in this indicator might signal the start of a bull market. This can be seen as the start of a lengthy and robust bull market.
“Even during a bear market, this indicator sometimes surges, causing Bitcoin to recover or at least trade sideways.”
Short-Term Rally Incoming?
Since March of this year, there have been four examples of short-term recoveries. If this indicator rises sharply, there is a good chance of at least a short-term rebound. Meanwhile, the price of Bitcoin fell steadily from $20,000 last week. According to CoinGabbar statistics, the Bitcoin price is currently trading at $19,086, up 0.22% in the last 24 hours.
In this context, analysts believe a Bitcoin bull market is still not on the horizon. Midas Touch Consulting's managing director, Florian Grummes, believes the current crypto market cycle is still around a year away. This is based on the historical trend of a crypto winter lasting around 24 to 27 months.
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