Famous on-chain analyst Charles Edwards pointed out 9 important points that the rise of Bitcoin (BTC) in January is the beginning of a new bull run.
Charles Edwards shared a recent social media in your postmade remarkable statements that the Bitcoin bull is coming. of miners a protracted “”, including digging Bitcoin at the cost ofoversoldEmphasizing that the ” level has been exited, Edwards stated this situation. to believe that the bull rally has begun He said it was the first reason.
on the other hand FTXof and Terra’s (LUNA) Pointing out that we have left behind the collapses in a very short time, the analyst stated that the market has become stronger than ever at this point. Among the reasons he presented, in 2021 With the mining ban from China co-occurring”short squeezePointing to the ” wave, the analyst said that a similar 40%‘s rise from the bottom level of 2022 25 thousand dollars He underlined that there is a right uptrend as well.
Especially in Bitcoin price. Breaking the $20,000 level Reminding that it is a point to be considered, the analyst added that this breakdown represents the following:
It is important to note that the break of $20,000 represents: 2017 all-time high, FTX crash price, critical order block level, integer psychological support and cost level of miners.
In the continuation of its statement, it crosses upwards on a daily basis. MA50 and MA200 averages Referring to the analyst, he emphasized that almost all daily averages are currently on the rise. One of the most critical data put forward by the analyst was the Bitcoin halving cycle.
Looking at the history of Bitcoin price halving from the cycle You hit rock bottom 12-18 months ago. reminding the analyst, that in 2022 80%He said the .
Against the market with the price drops in 2022 sensitivity level Reminding that the country has regressed to the worst or the second worst point in history, the analyst said that these data most likely marked the bottom level and that the last rises experienced. clear evidence that the bearish cycle is over stated that.
Finally, Edwards, who suggested that the macroeconomic wind has changed direction, will probably be in 2023. FED He added that the side will calm down and this will reflect positively on both the traditional markets and the crypto money market.