Based

bullish

Rally

Bitcoin

Bold

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin has seen a 10.85% decline over the past month, defying market predictions.</li> 
 <li>Despite the decline, analysts remain optimistic, citing the 2019 consolidation cycle as a potential sign of an upcoming uptrend.</li> 
</ul>  
<h2 id="bitcoin-s-unexpected-decline">Bitcoin’s Unexpected Decline</h2> 
<p>Over the past month, Bitcoin [BTC] has defied all market predictions, continuing to decline despite market expectations for a rebound. At the time of writing, BTC was trading at $54,439 after dropping by 6.5% over the last seven days. Equally, the king crypto has declined by 10.85% over the last 30 days. This decline has seen Bitcoin’s trading volume plummet by 65.23% to $16.1 billion on daily charts.</p> 
<p>Despite this decline, the prevailing market sentiment remains optimistic. Analysts continually eye a rebound. For instance, popular crypto analyst Bittel Julien suggested an upcoming rally citing the 2019 cycle.</p> 
<h2 id="market-sentiment-and-predictions">Market Sentiment and Predictions</h2> 
<p>In his analysis, Julien highlighted the current sustained consolidation phase, which has lasted 175 days. He compared this to the 2019 cycle, suggesting that Bitcoin is stuck in a similar consolidation phase. If BTC follows the same script, it could result in upward movement.</p> 
<p>Based on this analysis, BTC shifted from $7,200 to $10,000 in 2020 after a long consolidation. Although it declined after, this was attributed to the pandemic. Thus, the analysts see an upcoming rebound after the long consolidation.</p> 
<p>If history is any indicator, we might be on the brink of either a substantial breakout or a continuation of the consolidation pattern.</p> 
<h2 id="what-btc-charts-suggest">What BTC Charts Suggest</h2> 
<p>While Julien highlighted one key indicator suggesting a potential reversal, the question remains – do the other metrics agree?</p> 
<p>Firstly, over the past week, large holders inflow has experienced sustained growth from a low of 1.76k to 11.57k at press time. Since investors are buying during the market downturn, it suggests they are buying the dip.</p> 
<p>The market behavior indicates accumulation, signaling investors’ confidence in potential future price gains. This is a bullish signal and increased accumulation results in buying pressure which pushes prices up.</p> 
<p>In addition, the fund flow ratio has increased over the past week. An increase in fund flow indicates capital inflow is greater than outflow. Such market behavior suggests increased buying activity which leads to upward price movement.</p> 
<p>This usually reflects growing optimism among investors as they expect further gains.</p> 
<p>Lastly, the NVM ratio has increased from 1.4 to 2.05 over the past 7 days. This shows long-term holders are still holding despite the price decline.</p> 
<p>Such market behavior suggests confidence among long-term investors. Coupled with current market favorability, BTC is well positioned for a reversal above the $56K resistance level.</p>

Historic Pattern Sparks Bold Bitcoin Rally Prediction from Analyst

Table of Contents

CoinEagle.com

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