Bitcoin price can prepare for the equivalent run – the analyst explains the reason

Bitcoin’s price has been a joy to see in the past few weeks, as it has risen strongly from $ 74,000 to recover above the level of $ 100,000 again. Interestingly, the latest data on the series indicates that the first encrypted currency can prepare to restore its current price at all and perhaps The start of the fresh bull race.

Bitcoin price to follow the steps of gold

In a quick post on the Cryptoquant platform, analyst on the series Ibrahim Koussar Put out An insightful look focuses on data on the potential path of bitcoin during the next few months. The relevant scale here is the difference in the growth rate (the maximum market against the maximum achieved), which examines the difference in the growth rate between the market value of the assets and the achieved prices.

According to Cosar, the growth rate scale helps the investor’s behavior assessment (whether the market is pessimistic or excessively optimistic) and various market courses. The indicator also helps to determine the relationship between the growth of actual value and price growth, with a price sustainability assessment.

Source: CryptoQuant

As shown in the graph above, the positive area (referred to in green) usually indicates the ups of the upscale market. It indicates that the maximum market grows faster than the maximum achieved, with more investors Enter the market And take new positions.

The negative (Al -Hamra) area is linked to the conditions of the Habbiyah market and the major price corrections, as more investors download their assets. With the low prices and increased loss of loss, the investor confidence in the market begins to decrease.

The distinctive graph shows that the price of bitcoin has just witnessed a shift from Red (Market) to Green (Market) in recent days. Cosar believes that this change involves a potential equivalent in the BTC price – as shown in the price of gold during the past few months.

The bull cycle may remain in: CEO of Cryptoquant

Two months ago, the founder of the Cryptoquant Ki Young JU assumed that the BTC price has reached its climax and that the bull cycle has ended. However, after the impressive performance of the Bitcoin price in recent weeks, the analysis expert in the series has declined to their advertisement.

According to JU, the Bitcoin market has become relatively more diverse and it seems that it is away from the theory of traditional session. CEO of encryption Glimpse To the previous sessions controlled by the old whales, miners and new retail investors, while the boxes traded on the stock exchange (ETFS), the strategy (MSTR), and institutional investors are the main players on the current side.

However, Joe stated that the Bitcoin market is still slow with the absorption of new liquidity, although the latest price procedures are very optimistic. Thus, the encryption founder has hinted to wait a more clear signal before taking new market jobs.

As of the writing of these lines, the leading cryptocurrency is estimated at a little higher than $ 103,000, which does not reflect any significant movement during the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Distinctive image from Istock, tradingvief chart