Tue, 04/28/2020 – 19:32
Alex DovbnyaOn-chain data shows that Bitcoin (BTC) could be on the brink of another massive bull run
Cover image via stock.adobe.com
On-chain data provider Glassnode has noticed that Bitcoin has entered a so-called ‘hope zone’ in the run-up to the May 12 halving.
If the Bitcoin (BTC) price can stay above this level, there is a good chance that another glorious bull run has already started.
Bitcoin stages a comeback
Glassnode attempts to determine the market sentiment based on the net unrealized profit/loss of unspent transaction outputs (UTXOs) that are not older than 155 days. In such a way, it can gauge the behavior of Bitcoin investors from a short-term perspective.
Bitcoin made investors hopeful in early 2020 with a 50 percent rally to its yearly high of $10,500. However, this was followed by a massive capitulation in March when COVID-19 fears came to a head.
Don’t get your hopes up
The new gleam of hope comes just 13 days before the next Bitcoin (BTC) halving, which is widely expected to kickstart another bullish cycle. Dutch analyst Plan B predicted that the BTC price could reach a staggering $288,000 before its fourth reward cut in 2024 based on his new S2F model.
Still, this halving is unlikely to live up to everyone’s high expectations from the get-go considering that it was a complete non-event in 2016.
About the author
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at firstname.lastname@example.org.