The queen of crypto could be off to a great start in June, as bullish signs are multiplying for Bitcoin.
However, we must remain vigilant, as a few indicators show that this could potentially not happen in the immediate future.
Bullish signs multiply for Bitcoin
Although the acceptance of Ethereum ETFs has created a lot of buzz, bitcoin still offers a lot of hope. In fact, according to some experts, bitcoin could reach new heights during the month of June.
Analyst Tradingshot claims that bitcoin is not far from a very significant rise. This is because the queen of cryptos is entering the final and most aggressive phase of its bullish cycle. What’s more, a number of indicators support this possibility, such as the rising global bond yield pool and the high liquidity in circulation.
This is very encouraging, as both of these signs were observed prior to bitcoin’s previous rallies in April 2020, October 2016, and July 2012.
Although the crypto market is very quiet at the moment, on-chain activity remains very high. 1 billion are being added to new whale wallets every day. This confirms a very strong accumulation, and an imminent take-off towards $100,000.
Warning: stagnation could continue
Titan of Crypto also backs up what the experts are saying. He thinks the crypto queen is in a good spot, but we’ll have to see the upper band of the MRC indicator give way before we see a price rise.
However, Glassnode’s report warns of a possible stagnation of prices on the crypto market. For the transition from a bear market to a bull market to take place, the MVRV of long-term holders needs to move between 1.5 and 3.5. The good news is that this is now the case
It’ll take time for this reversal to play out. On average, it’ll take about a year. That means the Bitcoin bull run will probably happen at the end of 2024 at the earliest.
Let’s see what happens, stay tuned !
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