United

Bank AI

Bitcoin

Spot

According to market analysis company Reflexivity Research, this year’s performance of <a href="https://en.coin-turk.com/bitcoin-trends-downward-amid-unemployment-claims-but-whats-next-experts-weigh-in/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/presidential-candidate-robert-f-kennedy-jr-backs-bitcoin-and-rejects-cbdcs/" data-wpel-link="internal">BTC</a>) models the previous 4-year market cycles and could indicate an early rise of another bull market. 
<h2 id="btc-reports">BTC Reports!</h2> 
This week, the firm published a report investigating the factors behind the strong performance of the cryptocurrency in the second quarter, examining both the market structure and on-chain data. As stated in the report, Bitcoin’s current tailwinds for two critical events this year: the banking crisis surrounding Silicon Valley Bank (SVB) in March, and BlackRock’s Bitcoin Spot ETF application in June. Bulls like Michael Saylor predict higher levels as regulatory pressures shift capital away from altcoins, while Bitcoin now constitutes more than 50% of the total market value of cryptocurrency. 
The excessive interest in Bitcoin can be seen in the futures market, where Bitcoin’s perpetual futures “clearly differentiate” from <a href="https://en.coin-turk.com/the-price-is-falling-when-it-should-be-rising-among-the-top-5-cryptocurrencies/" data-wpel-link="internal">Ethereum</a>‘s perpetual futures. Increased interest in Bitcoin, especially from the United States, appears to be coming, particularly as BlackRock’s recent application could be the country’s first official Bitcoin spot ETF. The report indicates that most of Bitcoin’s performance has occurred during US trading hours since the asset manager’s presentation. In addition, the open position of Bitcoin CME futures increased by $1 billion since the filing, indicating higher activity among US firms. 
<img decoding="async" class="aligncenter size-full wp-image-235884" src="https://coin-turk.com/wp-content/uploads/2023/07/btccc.webp" alt="" width="958" height="524"> 
<h2 id="analytics-company-reports">Analytics Company Reports!</h2> 
Reflecting the findings of other companies including Glassnode and Santiment, Reflexivity stated that the supply of Bitcoin held by long-term holders is currently relatively high, which means that market participants do not plan to sell their cryptocurrencies in the near future. The firm stated in their comments: 
If some of these ETFs are approved, the effects of newly discovered demand with record low supply could be quite powerful. 
At the time of writing, Bitcoin (BTC), the leading cryptocurrency, is trading at $30,327. 
The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoins-performance-hints-early-bull-market-reflexivity-research-suggests/" data-wpel-link="internal">Bitcoin’s Performance Hints Early Bull Market, Reflexivity Research Suggests</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin’s Performance Hints Early Bull Market, Reflexivity Research Suggests

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