These Positive Signals Show Bitcoin will soon Launch a Bullish Rally
The leading asset failed many times to cross $10k in recent some days. Every time, Bitcoin tried to jump at the hands of whales, the selling pressure made its full effort to push it downward. Besides coin’s failure to overcome the important psychological level, the analysts are still bullish about it, expecting a bull run in the coming days.
After mid-March crash, leading digital coin has made significant progress, and it is still bullish. The resistance at 10,000 is much strong, and it has enough momentum to stop Bitcoin rally in the upward direction. But analysts have pointed toward many metrics which are signaling towards bullish levels in the next some days.
The analytical startup Santiment shared the data, which shows whales are increasing in numbers. For example, since June 3, more than 70 addresses newly joined the Bitcoin network, which contained BTC from 100 to 1,000.
The activity of the BTC movement in and out of the exchanges also signals about the direction in which the price value is going. Over the past 3 months, exchanges have seen a significant increase in BTC withdrawals. The rise in the BTC movement from exchanges to the investors’ wallets tells that they are willing to hold Bitcoin instead of selling.
Bitcoin will attain $11k First, then Nasdaq
A prominent digital assets supporter and investor, Maple Leaf Capital, created a poll and asked its followers’ community about which one was going to achieve $11,000 first. According to the result, 43% of people think that Bitcoin will gain the $11k mark first than its traditional competitor, Nasdaq, which gains only 16% of votes.
Which one goes to 11,000 first?
— Maple Leaf Capital (@MapleLeafCap) June 11, 2020
While 41% think that none of them is going to touch $11,000. It may be possible as a great recession in the economy is coming. Fed Chair Jerome Powell recently claimed,” This is the biggest economic shock, in the U.S. and in the world, really, in living memory.”
Retail Interest is growing
The subsidiary Twitter alerts account of the analytical firm Glassnode reveals that retail BTC wallets have reached an all-time high. Glassnode noticed,” $BTC Number of Addresses Holding 0.1+ coins just reached an ATH of 3,054,282.000.”
📈 #Bitcoin $BTC Number of Addresses Holding 0.1+ coins just reached an ATH of 3,054,282.000
Previous ATH of 3,054,070.000 was observed on 21 May 2020
View metric:https://t.co/hZY8dBLpzX pic.twitter.com/ManhvoRSav
— glassnode alerts (@glassnodealerts) June 13, 2020
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