Bitcoin

Strong

strong bull

Spot

Credible <a href="https://en.coin-turk.com/despite-secs-high-profile-case-bitcoin-btc-surges-2000-in-hours/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a>, an anonymous cryptocurrency analyst who continues to attract followers with his timely <a href="https://en.coin-turk.com/the-impact-of-halving-on-btc-insights-from-an-expert-analyst/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) calls, has suggested that the largest cryptocurrency may be in the midst of a strong bull market. The analyst stated that the rise in Bitcoin is fueled by the support of leveraged traders.
<h2 style="text-align: justify" id="strong-strong-bull-market-analysis-for-bitcoin-strong">“Strong Bull Market” Analysis for Bitcoin</h2>
Credible Crypto, a cryptocurrency analyst, stated in a recent video update on the <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">social media</a> platform X (formerly known as Twitter) that Bitcoin traders using leverage in the futures market seem to be leading the BTC rally. According to the analyst, the fact that leveraged traders are leading the price increase of BTC may not be the healthiest way for the upward trend to continue, but it may indicate that Bitcoin is entering a strong bull market:
<blockquote>
 Everything we see tells us that this rally is technically focused on futures rather than spot, which is not generally the healthiest for a rally, but there will still be a point during this rally where we will reach new highs, and there will be high funding, and furthermore, a continuously rising funding rate. There will be continuously higher futures trading with a continuously higher funding rate.
 This is how it is when entering a strong bull market. Therefore, the transition from an environment where we have relatively low funding rate to an environment where we continuously have a high funding rate and futures constantly lead the market shows that we may be reaching this point.
</blockquote>
<h2 style="text-align: justify" id="strong-spot-investors-are-also-active-alongside-leveraged-traders-strong">Spot Investors are Also Active Alongside Leveraged Traders</h2>
While leveraged traders lead the Bitcoin rally, Credible Crypto highlighted that spot market investors also seem to be supporting the rise. The analyst stated, “The rise is not currently spot-focused. At the same time, we are facing a situation where it seems that purchases are coming from the spot market with each consolidation, preventing the price from falling further. Therefore, it is very likely that instead of aggressive spot buyers, we are seeing spot buyers who quietly absorb all the sales.”
<img decoding="async" class="aligncenter size-full wp-image-284863" src="https://coin-turk.com/wp-content/uploads/2023/12/Bitcoin-Piyasasi-scaled.jpeg" alt="" width="2560" height="1325">
At the time of writing this article, Bitcoin is trading at $41,732 with a 0.39% increase in the past 24 hours. Current data shows that the price of the largest cryptocurrency has increased by 12.06% in the past 7 days and 18.61% in the past 30 days. Continue Reading: <a href="https://en.coin-turk.com/bitcoin-may-be-in-the-midst-of-a-strong-bull-market-says-analyst/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-may-be-in-the-midst-of-a-strong-bull-market-says-analyst/</a>

Bitcoin May Be in the Midst of a Strong Bull Market, Says Analyst

Table of Contents

COINTURK NEWS

Other articles published on Dec 5, 2023

Best cryptos to buy now

Bitcoin Exchange Binance Launches Zero Fee Promotion for 6 Altcoin Trading Parities!

South Korean Financial Authorities Call for Disclosure of Unauthorized Crypto Exchanges

Unraveling the Molecular Language of Cells: AI’s Pivotal Role

SEC seeks judicial ruling on crypto asset classification in Terraform Labs case

Newly Listed Altcoin on Binance Experiencing Extremely Strange Behavior – Price Shows Incredibly ...

Join our free newsletter for daily crypto updates!