After falling to $18,661 the week before last, bitcoin showed promising growth. Its recent surge sparked excitement in the community, with experts vying with one another to predict a further rise in the price of BTC in the coming days.
🔻 Analyst and author of CryptoQuant Mignole talked about bitcoin’s halving cycle and mentioned that the last two cycles led to a bottom after 777 and 889 days. The current figure is 850 days and the recent low was 763 days ago. Looking at these figures, he is still leaning towards a stronger bullish signal in the market.
🔻 Not only this analysis, but also several network indicators hint at rising prices. For example, bitcoin’s reserve risk ratio has reached an all-time low, pointing to a northward rally.
🔻 Interestingly, the total number of BTC addresses with non-zero balances also rose after a brief decline earlier this month, indicating investor confidence in the major cryptocurrency.
🔻 The BTC Relative Strength Index is in a neutral position, hinting that the market could move in either direction.