Starter shot – Bitcoin (BTC) is experiencing another bearish day contrasting with forecasts from traders and analysts who instead see the latest bull run – to $ 100,000 or more? – looming on the horizon.
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Bitcoin Under $ 47,000: One Last Run For The Bulls?
Bitcoin drops to around $ 45,540 on Bitfinex today, December 17, 2021. The rebound allows bitcoin to regain the $ 46,000. Bitcoin is trading at $ 46,429 at the time of writing, and is currently recording a daily loss of 3.23%.
Analyst TechDev highlighted in a chart shared in his tweet today, that “despite multiple swings in sentiment over the past two weeks,” at the macro level, bitcoin appears currently at the start of the next bullish rally, which will then be followed by a long bear market.
TechDev bases its analysis on a comparison of the fluctuations in the price of bitcoin during this cycle which began after the halving of May 2020, to the variations in the price of bitcoin during the two previous cycles.
Imminent bullish rally: green light from miners and confirmation of tether
These TechDev analyzes, which predict an imminent bullish rally, seem to be confirmed by other data from the exchanges. According to Santiment analysts, the tether (USDT) ratio on centralized exchanges has reached a higher above six months at 22.5%.
Stablecoins are generally used by traders and investors as an alternative to fiats for purchasing bitcoin or other altcoins. This strong accumulation of tether can therefore be the harbinger of the next bullish rally.
Glassnode data further shows that miners accumulate bitcoin, and therefore do not intend to exert strong downward pressure on the markets.
The 7-day moving average of the inbound bitcoin flow from miners to exchanges has reached a 5-year low of 2,655 BTC.
Two other trend indicators also seem to herald an upcoming bullish move and a new all-time high for bitcoin. The frequent bear dancing of the markets over the past couple of weeks, so shouldn’t hide the preparation of the bulls for their last run to the peak of this cycle, before the markets enter a bearish phase for a long time.
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