While the return of the bull market may not be ‘close’ – there are some signs that it is indeed coming.
We’re not alone; many analysts see a positive future ahead, such as senior analyst of Bloomberg’s Commodities Division, Mike McGlone, who says, “bitcoin could initiate one of the largest bull markets in history.”
Other Positive Indicators:
Bitcoin being transferred from exchanges to privately owned wallets is considered a bullish sign; it indicates the owner of that Bitcoin is not looking to sell anytime soon. These investors are considered HODLing and waiting for the bull market to return.
|via CryptoQuant: Amount of Bitcoin available on exchanges.|
The supply of BTC being traded on exchanges hasn’t been this low in 3 years.
Traders are too fearful to notice – the crypto market has already stabilized!
Traders are still on-edge from recent market chaos; the ‘Fear & Greed Index’ currently rates the Bitcoin market as one with ‘Extreme fear,’ meaning indicators taken into account such as volume, momentum, and social media sentiment show traders hesitant to buy.
Bitcoin has been trading between $19k and $22k for nearly an entire month!
‘Hesitant to buy’ and ‘selling off’ are two very different things – and it’s gone somewhat unnoticed that the selloff ended weeks ago.
For Bitcoin especially – this is a highly stable price range for weeks.
Until last week, the big question mark hanging over the crypto market was lending platform Celsius and concerns it would be next to collapse. They leveraged their funds through multiple DeFi platforms; concerns that they could be liquidated still owing millions were valid as it would have caused a ripple effect and likely another round of coin prices crashing down.
However – they’ve spent the last week paying off large portions of those debts and are no longer at high risk of liquidation.
So, for now, it appears we won’t be seeing any additional over-leveraged crypto platforms collapse.
Unfortunately, the remaining cloud of fear hanging over the crypto market is a massive one that reaches far beyond crypto. These fears are shared with the world and come from an economy struggling to grow, out-of-control inflation, rising gas costs, and global conflict.