News

Bitcoin’s Resurgence Mirrors Historical Bull Market Trends

After enduring its deepest correction since the FTX lows, with a decline of 20.3%, Bitcoin has rebounded, reaching $71,000 on May 20, 2024.

This remarkable recovery places Bitcoin near its all-time high and showcases a pattern reminiscent of the 2015-2017 bull market.

The pattern closely aligns with that of the previous bull market, highlighting a historical consistency in Bitcoin’s performance cycles.

One of the most reliable indicators of Bitcoin’s future price movements has been the behavior of wallets holding at least 10 BTC. Historically, when these wallets accumulate Bitcoin, it signals a market rise, while their liquidation often heralds extended bear markets. 

Over the past five months, such wallets have added 154,560 BTC, suggesting strong confidence and a bullish outlook among large holders.

Bitcoin ETF Net Inflow Remain Positive For 12 Consecutive Days

Moreover, Bitcoin ETF net inflows have been positive for 12 consecutive days, totaling $28 million on May 29, 2024. However, the volume of these inflows has declined over the past two days. Grayscale’s GBTC has experienced outflows for two consecutive days, indicating a potential shift in investor sentiment. 

Related Post

In contrast, BlackRock’s IBIT saw a significant drop in single-day inflows, from $102.5 million to $24.6 million, reflecting a more cautious market approach.

Despite these fluctuations, the overall trend points to a robust foundation for Bitcoin’s continued growth. The consistent accumulation by large holders and positive net inflows into Bitcoin ETFs underscore a strong market sentiment. 

As Bitcoin navigates these dynamics, the interplay between institutional investments and the actions of significant holders will be crucial in shaping its future trajectory. The current market conditions and historical patterns suggest that Bitcoin is well-positioned for further advancements, potentially reaching new all-time highs soon.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: ezthaiphoto/123RF

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

4 hours ago

Binance Coin Whales Reap Big Profits as Polkadot Struggles; A New Crypto Presale Is Dominating Investor Attention

BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…

7 hours ago

Three Crypto That Surprised The Market: Rollblock, Cardano, and XRP

The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…

7 hours ago

As Bonk (BONK) and Pepe (PEPE) Shine, Rollblock (RBLK) Captures the Market’s Attention With Upcoming Reveal

Meme coins are back with a bang and are as insanely volatile as ever! Bonk…

7 hours ago

2024’s Top 9 Crypto Staking Platforms to Make Passive Income

Staking has become one of the most effortless ways to generate passive income in the…

10 hours ago

Qubetics, Algorand, and Near Protocol: Best Cryptos to Buy in November 2024

Qubetics, Algorand, and Near Protocol: The Best Cryptos to Buy in November 2024—Which One Is…

21 hours ago