2024

Value

Bitcoin

<p>The post <a href="https://coinpedia.org/news/cryptoquants-analyst-says-bitcoin-bull-run-to-begin-in-q3/">Bitcoin Bull Signal Hints at MASSIVE Price Surge: Are You Ready?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Recent on-chain data from CryptoQuant reveals a unique opportunity in the Bitcoin market that appears only once within a bull cycle. Miners’ profitability is showing patterns similar to those preceding significant price surges in past bull markets. </p> 
<p>Could this indicate the end of the current correction period and the start of a new bull rally?</p> 
<h2 class="wp-block-heading" id="h-miners-profitability-a-key-indicator">Miners’ Profitability: A Key Indicator</h2> 
<p>CryptoQuant’s analyst, Crypto Dan, highlights an important indicator that is typically used to find the bottom of a bear market. However, it also proves useful for predicting the end of correction periods within bull markets.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">An opportunity that comes once within a bull cycle<br><br>“This indicator fell significantly during the bull cycle in 2016 and 2020, followed by the beginning of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s strong rise. Currently, similar movements have been detected.” – By <a href="https://twitter.com/DanCoinInvestor?ref_src=twsrc%5Etfw">@DanCoinInvestor</a> <br><br>Link <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">… <a href="https://t.co/TAIzSbwio3">pic.twitter.com/TAIzSbwio3</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1810611800301355420?ref_src=twsrc%5Etfw">July 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The red-circled areas in the data illustrate instances where miners’ profitability dropped sharply within a bull cycle, leading to a significant <a href="https://coinpedia.org/news/bitcoins-short-term-rally-how-cpi-and-ethereum-etfs-could-impact-the-market/">price increase in Bitcoin</a>. In both 2016 and 2020, this indicator fell substantially, followed by the start of Bitcoin’s powerful upward movement.</p> 
<p><strong>Historical Patterns and Future Predictions</strong></p> 
<p>Looking back at previous bull cycles, similar patterns were observed in 2016 and 2020. Although pinpointing the exact end of the adjustment period is challenging, the data suggests that it is not far away. The current trend indicates that we may witness the beginning of a new bull rally within Q3 of 2024.</p> 
<h2 class="wp-block-heading" id="h-decline-in-non-empty-bitcoin-wallets">Decline in Non-Empty Bitcoin Wallets</h2> 
<p>Blockchain analytical platform Santiment has revealed a recent decline in the number of non-empty Bitcoin wallets, which now stand at 54.09 million. Since June 15, there has been a net decrease of 566,000 wallets. </p> 
<p>Santiment suggests that this reduction is a positive sign for patient investors. The drop in wallets is largely due to liquidation by impatient holders, often referred to as “weak hands.”</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f44b.png" alt="👋" class="wp-smiley" style="height: 1em; max-height: 1em;"> There are currently 54.09M non-empty Bitcoin wallets on the network, dropping by a net of 566K since June 15th. Patient bulls should be pleased with this, as self-liquidating wallets from impatient non-believers is a sign of FUD-causing bottoms, just like we saw in January. <a href="https://t.co/h2jK9YvCf9">pic.twitter.com/h2jK9YvCf9</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1810476533708144911?ref_src=twsrc%5Etfw">July 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-market-value-to-realized-value-mvrv-indicators">Market Value to Realized Value (MVRV) Indicators</h2> 
<p>Additionally, Santiment reports that both the 30-day and 365-day Bitcoin Market Value to Realized Value (MVRV) indicators are currently in negative territory. This signals a buying opportunity, as it shows that current purchases are being made when other traders are experiencing losses. </p> 
<p>Notably, the last time both MVRV ratios were negative, investors who bought Bitcoin at the time saw a 132% return.</p> 
<p>As of now, Bitcoin is trading at $57,249, reflecting a surge of 0.4% in the last 24 hours.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/crypto-news-today-bitcoin-rebounds-to-57k-is-the-german-govt-btc-sell-off-finally-over/" target="_blank" rel="noreferrer noopener">Crypto News Today: Bitcoin Rebound is Coming! Key Levels to Watch</a></p> 
<p><strong>Are you ready to jump back into the market with a potential bull run on the horizon?</strong></p>

Bitcoin Bull Signal Hints at MASSIVE Price Surge: Are You Ready?

Table of Contents

CoinPedia News

Other articles published on Jul 9, 2024

Third-party TON team to launch L2 chain

Transform Your Investment: BlockDAG’s Innovative Tech Backed by $56.9M Presale; Insights on NEAR ...

CEXs Face Rising Security Threats as Crypto Thefts Near $1.4B

How institutional players making profits on current dip, which indicators and altcoins to watch

This Ethereum-Based Token Is Set To Dominate Cardano (ADA) and Chainlink (LINK) With 100x ROI Pot...

Massive Bitcoin Sell-Off in Germany: Is the Reign of BTC, Valued at $551M, Coming to an End?

Join our free newsletter for daily crypto updates!