bullish

Value

Bitcoin

<ul> 
 <li aria-level="1">Bitcoin’s value dropped 10.85% last month, with a significant decrease in trading volume to $16.1 billion.</li> 
 <li aria-level="1">Analyst Bittel Julien predicts a rally, comparing current market behavior to the 2019 consolidation phase.</li> 
</ul> 
In recent weeks, Bitcoin (BTC) has experienced a notable downturn, with its value dropping by 10.85% over the last month and trading volumes plummeting by 65.23% to $16.1 billion. Despite these declines, market analysts by ETHNews remain optimistic, predicting an impending rally for BTC, much like the recovery seen in 2019. 
At present, BTC is trading at $54,439, having decreased by 6.5% in the past seven days. This recent performance marks a significant pullback, but according to crypto analyst Bittel Julien, it is part of a broader pattern of consolidation that Bitcoin has historically overcome.&nbsp; 
<figure id="attachment_91997" aria-describedby="caption-attachment-91997" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-91997 size-full" src="https://www.ethnews.com/wp-content/uploads/2024/09/Bitcoin-has-been-stuck-in-a-consolidation-phase-and-interestingly-just-like-in-2019-this-consolidation-has-lasted-exactly-175-days-so-far.jpeg" alt="Bitcoin has been stuck in a consolidation phase, and interestingly, just like in 2019, this consolidation has lasted exactly 175 days (so far)." width="900" height="508">
 <figcaption id="caption-attachment-91997" class="wp-caption-text">
 Source: <a href="https://x.com/BittelJulien/status/1832372360562798710">@BittelJulien</a>
 </figcaption>
</figure> 
ETHNews points out that the current consolidation phase, lasting 175 days, closely resembles the one from 2019, which was followed by a substantial price increase from $7,200 to $10,000 in 2020. 
Although there was a subsequent drop attributed to the global pandemic, the pattern suggests a potential for recovery. 
<h2 id="b-ethnews-s-optimism-is-mirrored-by-other-indicators-observed-in-the-market-b">ETHNews’s optimism is mirrored by other indicators observed in the market</h2> 
There has been a steady increase in large holder inflows, with figures rising from 1.76k to 11.57k recently. This indicates that investors are actively <a href="https://www.ethnews.com/bitcoin-to-40000-samson-mow-exposes-the-harsh-truth-no-one-wants-to-hear/">buying during the dip</a>, a strategy known as “buying the dip” suggesting confidence in Bitcoin’s price recovery.&nbsp; 
<figure id="attachment_92001" aria-describedby="caption-attachment-92001" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-92001 size-full" title="ITB_btc_large_holders_inflow_bitcoin_" src="https://www.ethnews.com/wp-content/uploads/2024/09/ITB_btc_large_holders_inflow_bitcoin_.png" alt="ITB_btc_large_holders_inflow_bitcoin_" width="1200" height="800">
 <figcaption id="caption-attachment-92001" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
Such behavior is typically a bullish signal, as it reflects a general expectation of future price increases and can create upward pressure on prices through increased demand. 
<figure id="attachment_92005" aria-describedby="caption-attachment-92005" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-92005 size-full" title="Bitcoin-Fund-Flow-Ratio-All-Exchanges" src="https://www.ethnews.com/wp-content/uploads/2024/09/Bitcoin-Fund-Flow-Ratio-All-Exchanges.png" alt="Bitcoin-Fund-Flow-Ratio-All-Exchanges" width="2048" height="1152">
 <figcaption id="caption-attachment-92005" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Furthermore, the fund flow ratio, which measures the inflow of capital compared to outflow, has also seen an increase. 
This metric provides insight into the overall market sentiment; a higher inflow than outflow generally signals that <a href="https://www.ethnews.com/experts-reveal-why-now-might-be-the-best-time-to-buy-bitcoin/">buying activity</a> is outpacing selling, potentially leading to a price increase. 
<figure id="attachment_92009" aria-describedby="caption-attachment-92009" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-92009" src="https://www.ethnews.com/wp-content/uploads/2024/09/Bitcoin-NVM-Ratio.png" alt="Bitcoin-NVM-Ratio" width="2048" height="1152">
 <figcaption id="caption-attachment-92009" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Another positive sign comes from the Network Value to Metcalfe (NVM) ratio, which has risen from 1.4 to 2.05 over the past week. This increase indicates that long-term holders are maintaining their positions despite the <a href="https://www.ethnews.com/will-bitcoin-crash-again-top-analyst-reveals-alarming-trend/">downturn</a>, underscoring their belief in Bitcoin’s enduring value. 
<figure id="attachment_92013" aria-describedby="caption-attachment-92013" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-92013" src="https://www.ethnews.com/wp-content/uploads/2024/09/open-interest-chart-btc-bitcoin-coinnalyze.png" alt="open-interest-chart-btc-bitcoin-coinnalyze" width="1451" height="668">
 <figcaption id="caption-attachment-92013" class="wp-caption-text">
 Source: Coinnalyze
 </figcaption>
</figure> 
Collectively, these metrics not only highlight optimism among investors but also suggest that Bitcoin could be poised for a rebound if it continues to follow historical patterns of post-consolidation rallies. 

<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
In the last 24 hours, Bitcoin (BTC) has seen a slight upward movement, with its price currently at $54,362.89 USD, reflecting an increase of 0.42%. 
 During this period, Bitcoin’s price fluctuated between a low of $53,692.29 and a high of $54,662.98. The 24-hour trading volume was $15.90 billion USD, indicating steady market activity. 
The post <a href="https://www.ethnews.com/could-this-be-the-moment-bitcoin-investors-have-been-waiting-for/">Could This Be the Moment Bitcoin Investors Have Been Waiting For?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Could This Be the Moment Bitcoin Investors Have Been Waiting For?

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