Bitcoin (BTC): Bull and Bear are bracing for the unpredictable market
The entire crypto community got excited when Bitcoin [BTC] posted a slight rally in recent days. This development gives investors hope of a possible bull run in the coming days. The value of Bitcoin has increased by more than 5% in the past seven days.
Furthermore, at press time, BTC is trading at $20,199.18 with a market cap of $386,873,518,560. However, some analysts and influencers point out that excitement can also turn to misery. They also predict a possible bearish market condition in the coming days.
Be careful, you can find bears in front.
BaroVirtual, author and analyst at CryptoQuant, recently published an analysis pointing to a bearish BTC price. In analyzing him, he pointed out something interesting that supports this possibility.
According to the data shown, the current value of miner transfers to the spot exchange (per hour) stands at 10.4537 as of September 14. This number is a bearish sign, as Previous records indicate that an increase in the move from miners to spot exchanges is often followed by a decrease in the price of BTC.
Interestingly, Mac, a popular crypto influencer on Twitter, made a similar prediction. The Twitter user shared his thoughts that BTC could drop to $17,000 in the next few days.
But BTC just passed the $20k mark...
While this analyzes and predictions suggest dark days for the coin, various on-chain metrics indicate that things are going in favor of BTC. For example, the most recent active BTC supply >10 years just hit an ATH of 2,516,080,091 BTC. This shows an increase in investor confidence in this coin.
Additionally, Bitcoin’s outflow volume (MA 7d) has just hit a one-month high, which could be seen as a sign of the bulls. BTC's ASOPR is also in green, indicating a potential market bottom. This also indicates the direction of an upcoming bullfight.
Not only does the on-chain metrics look upbeat but Mustache, a well-known crypto influencer, also expressed his views on the current state of the market. In his tweet, he mentioned that he believes the market will go up in the near future.
Sep 16, 2022