How real are Bitcoins [BTC] next bull rally probably

Bitcoin, after dropping to as low as $18,661 last week, it registered a promising growth as it increased by more than 9% in the last seven days. The latest surge sparked excitement in the community as enthusiasts and experts predicted a further rise in BTC’s price in the coming days. Several reports and analyzes also seemed to point in the same direction.

Not only Bitcoin’s chart, but several metrics were also in favor of BTC. This gave investors hope for brighter days ahead after a short drop in the exchange rate.

At the time of writing, BTC had regained the $21,000 mark and was trading at $21,566.77 with a market capitalization of $412,947,658,745.

Better days ahead?

Mignolet, an analyst and writer at CryptoQuant, hinted at a similar bull situation, pointing out a good buying opportunity for investors. He mentioned in his analysis,

“If you look at the movement a little more specifically, whales did not sell many bitcoins in the price decline that began on August 17.”

The buyer-seller ratio increased recently, which could indicate a possible market bottom, increasing the chances of a bull run shortly.

Source: CryptoQuant

That’s not all either.

Recently, a popular influencer painted a similar picture of a bull rally. In his chirpinghe talked about Bitcoin halving cycle and mentioned that the last two cycles bottomed out at 777 and 889 days after the halving. Currently, he said, the number is at 850 days, with the most recent trough at 763 days. Looking at the previous record, this is a big bullish signal – indicating a price increase in the coming days.

What do the calculations suggest?

Not only the analysis, but several calculations on the chain also suggested a price increase. For example, Bitcoin’s reserve risk ratio hit an all-time low, pointing to a market cap and a northbound rally soon.

It also opened up an opportunity for investors, with the risk-to-reward ratio also found to be high.

Source: Glassnode

Interestingly enough, BTC‘s total number of addresses with non-zero balances also rose after a brief decline earlier this month, indicating investor confidence in the king of cryptos.

Therefore, looking at all the developments, it is safe to say that we can expect Bitcoin to go up. However, a few calculations painted a different picture.

In accordance CryptoQuants data, BTC’s aSORP was red, indicating that more investors have been selling at profits – a bearish signal as it suggested a possible market top in the middle of a bull market. Also, BTC’s relative strength index and Stochastic were in neutral positions, which emphasized that the market could go in any direction.

Source: CryptoQuant