Bitcoin is flashing conflicting signals about the start of the next bull market, according to two research firms
Bitcoin (BTC) is posting conflicting signals about when the next bull market will start, according to calculations shared by two different crypto research firms.
Sentiment says that BTC continues to have a high correlation with the S&P 500, which the firm notes “limits the likelihood of an upcoming bull run.”
Messari, on the other hand, notes that Bitcoin’s moving average recently materialized into a golden cross. Golden crosses occur when an asset’s 50-day moving average crosses above its 200-day moving average, and Messari says it “historically foreshadows positive returns” over six-month and one-year timelines.
Bitcoin is trading at $21,684 at the time of writing. The top-ranked crypto asset by market cap is down 0.73% in the last 24 hours and more than 7% in the last week, though it’s still up around 30% since the start of 2023.
Joint cryptoanalysis company Glassnode notes that Bitcoin’s HODLer net position change hit a three-month high of 49,473.346 BTC. HODLer Net Position Change measures the monthly position change of long-term investors, meaning that such investors have spent the last month accumulating BTC.
Glassnode too says the seven-day moving average of Bitcoin’s average transaction size also hit a five-year high of 986,575 BTC on Friday.
Despite Bitcoin’s price gains this year, it remains down more than 68% from its all-time high of around $69,000, which it reached in November 2021.
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