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“Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why Newsbtc 29 Eki 2024

“Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why 📈

CryptoQuant USA Bitcoin

An analyst has highlighted a potential new Bitcoin bull run based on a trend reversal in a crucial on-chain metric. The Bitcoin US to The Rest Reserve Ratio indicates the movement of BTC reserves from global platforms to US-based ones. A rising ratio suggests increased demand from US investors.

This pattern mirrors a similar trend in late 2023, which led to a Bitcoin rally to a record high, spurred by spot ETFs' popularity in the US. Although interest later waned, the re-emergence of this trend suggests a potential resurgence in Bitcoin's bullish momentum.

Currently, Bitcoin’s price has jumped by 2% within 24 hours, reaching the $68,700 level. The analyst notes that if the past pattern holds true, Bitcoin could be poised for another significant price surge.

The indicator showing recent recovery points to renewed bullishness, though the sustainability of the rally remains contingent on various factors. The scenario underscores the importance of monitoring such on-chain metrics for forecasting crypto market trends.

Kaynak: www.newsbtc.com ↗

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