Bitcoin indicates a cycle shift to the bull market

The year 2022 was tough for BTC and the whole crypto industry. A cascade of falls and crashes impacted the prices of most coins and tokens. The crypto sector is always developing, and seasoned members of the crypto community are no longer astonished by new crises and difficulties since they occur all the time. Nevertheless, it seems that signals are pointing to a cycle shift toward a bull market!

Recently, analysts have observed a change in the sentiment of BTC holders, potentially indicating a turning point in the cycle. Glassnode, a blockchain data analytics platform, detected a substantial turnover of funds following the 2022 period. In turn, it resulted in the coins moving from long-term holders to a new wave of buyers.

However, this shift in hodling patterns has been observed in previous cycles and may indicate a point of inflection suggesting a change in the current trend, according to the report. While BTC prices have rebounded from the CFTC’s targeting of some major crypto platforms and this week’s recent news, the markets are currently in consolidation.

In turn, this data might point to a steady growth in new crypto-investors and their desire to amass as much BTC as possible amid the instability in traditional financial services.

Briefly about price

Bitcoin’s price tends to trend toward the top end of its current range, which is roughly $28,000. On April 5, bitcoin reached an intraday high of $28,799. Since breaking beyond this barrier last month, bitcoin has traded at roughly $28,000 for the first time since June.

Experts emphasized that the current position of the market resembles the phase that often occurs in the late stages of a bear market and called attention to the increasing number of transactions. It may be interpreted as an indication that investors are returning to the market.

Furthermore, the Bitcoin Fear and Greed Index has slid to “greedy,” signaling that a correction is coming.

The CEO of Morgan Creek says about the new bull trend

Mark Yusko, CEO of Morgan Creek, recently predicted that the next bitcoin bull market could potentially begin in the second quarter of 2023 due to positive macroeconomic conditions and anticipation of the bitcoin halving.

According to him, Fed is unlikely to lower its main interest rate anytime soon. Even a slowing or stop in this process, however, will be seen positively by the crypto market.

Details:

On February 1, the Fed made its first rate hike since March 2022, increasing the key rate range to 4.5–4.75% per year. The announcement had a positive impact on the crypto market, bitcoin particularly. So BTC reached $24,000 for the first time since August 2022. In addition, the total market capitalization of cryptocurrencies surpassed $1.1 trillion.

However, if you consider expert advice when making investment decisions, it’s also important to keep in mind that unexpected events can occur, and there is no guarantee of success in the crypto market. Always remain vigilant and adapt to changing market conditions. As for bitcoin, it’s difficult to predict its future development with absolute certainty. The market conditions can shift, and its value may fluctuate over time. Therefore, it’s important to do your research and make informed decisions based on the current market situation.