Bitcoin Bull Run Intact: Five Key On-Chain Metrics Confirm

Bitcoin Bull Run Intact: Five Key On-Chain Metrics Confirm

The price of Bitcoin (BTC) is 10% off its June highs after making a bold push to reach its all-time high of $74,000 earlier this month. The price of Bitcoin was corrected by an additional 1.26% on Friday, June 14, falling to a little under $66,000.

The Bitcoin Bull Run Is Still Active

In the second quarter of 2024, Bitcoin saw a 5% decline, significantly underperforming. This selling pressure coincides with the surrender of Bitcoin miners in the wake of this year’s halving event, which is scheduled for April 2024.

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Due to the recent correction of Bitcoin’s price, investors now think that the world’s largest cryptocurrency’s bull run is coming to an end. On-chain statistics from Lookonchain, however, indicate that the bull run may still be alive. Let’s examine five of these signs that imply as much.

Bitcoin Price Rainbow Chart: Another long-term valuation tool, the Bitcoin Price Rainbow Chart, projects the future price direction for BTC using a logarithmic growth curve. Buying Bitcoin is still an excellent idea, based on this chart.

Relative Strength Index: As of right now, the Bitcoin RSI stands at 69.9. An asset may be overpriced if its RSI reading is greater than 70 and undervalued if it is less than 30. The price has yet to peak, according to the most recent Bitcoin RSI measurement.

200-Week Moving Average: According to the heatmap below, which displays the 200-week moving average for Bitcoin, the price now remains within the blue zone, indicating that it hasn’t reached yet. It’s now appropriate to hold and purchase this asset.

Value Coin Days Destroyed Cumulatively (CVDD):

When the price of bitcoin crosses the green line, it suggests that the market is cheap and that there is an excellent chance to buy. According to the current CVDD, Bitcoin has yet to peak.

Bitcoin 2-Year Multiplier: The price of BTC continues to trade between the red and green lines, according to the 2-year multiplier indicator. There is evidence that the price of bitcoin has reached its peak once it crosses the red line.

Watchable Bitcoin Price Levels

The Bitcoin whales have been selling a lot during the last ten days; in that short period, they have sold 50,000 Bitcoins for a total of $3.0 billion. Famous cryptocurrency expert Ali Martinez believes that in order to avoid a decline to $61,000, the price of Bitcoin must rapidly rise over $66,254.

#Bitcoin needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100!

— Ali (@ali_charts) June 14, 2024

Moreover, Ki Young Ju, CEO of CryptQuant, states that the average starting price for Bitcoin traders is approximately $47,000. The price of BTC usually stays above this entry level during a bull market. The market can still be viewed as positive despite a 27% decline. “Have long-term optimism, but use caution when taking unwarranted risks. This is advice on finances,” he said.

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