CryptoQuant Delivers the Good News: Bitcoin Price Just Warmed Up!

Analysis shared by CryptoQuant, bitcoin and he suggests that the crypto rally in general is just a warm-up for the bigger move in the future. According to CryptoQuant, BTC is currently only in a warming phase.

The chart shared on his Twitter account shows that Bitcoin has entered a prolonged uptrend, similar to the rally that started in 2021. The analysis is based on the increase in trading volume and supply movement in the network.

Bitcoin price prediction

According to the forecast, after moving in a prolonged downtrend and reaching the bottom, there is a high probability of a weekly to one-month supply activity triggering the start of the sideways move.

According to on-chain indicators, bitcoin priceThe market is repeating itself, as the behavior of the company repeats the trends we saw in 2021 and 2017. The supply at the bottom started to move and BTC reversed after a long downtrend.

However, the market lacks sufficient funding and leveraged positions to cause extremely volatile movement. This is the obstacle to a rapid rise in an explosive rise. But at the same time, a reversal now could be the basis for growth next year.

Confirmation of the bottom is not yet in the market as Bitcoin could pull back at any time due to weak macroeconomic factors, including the high interest rate and the possibility of a new rate hike that will drive investors further away from the market.

You can follow the current price action here.

source site-7