2017 Bitcoin bull run signal reappears
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Bitcoin has been trading sideways in the $10,000 to $11,000 range in recent weeks. From a macro perspective, not all analysts believe that BTC is in a full-blown bull market. But there are still some key on-chain indicators that suggest that the cryptocurrency has room to rise. The Miner Holdings Index once formed a positive signal before BTC rose 1,500% in 2017, and the same signal has appeared again. Key on-chain indicators suggest Bitcoin is set for a strong rebound CryptoQuant CEO Ki Young Ju noted that Bitcoin is likely about to usher in a full-scale bull run as the mining ecosystem flashes some bullish signals. He shared the chart below on September 24, noting that Bitcoin miners are signaling a bull run is imminent. The same signal preceded Bitcoin’s parabolic surge in early 2017. “If BTC miners continue to drive prices, the next bull run should begin soon. The MPI (Miner Position Index) is very accurate in predicting bull and bear markets when macro factors such as the stock market are not significant.” If history repeats itself, Bitcoin is on the verge of a parabolic rally that should take it past its previous all-time high of $20,000. Fundamentals are stronger than ever Beyond pure on-chain data, analysts say Bitcoin’s fundamentals are stronger than ever, which supports the expectation that the cryptocurrency market will experience a strong upward rebound. Speaking about BTC’s fundamentals, Raoul Pal, CEO of Real Vision, recently stated: “Most people don’t understand the latter, but simply put, Powell has shown zero tolerance for deflation so they will do whatever it takes to prevent it, which is good for gold and Bitcoin, the two hardest assets. What Powell wants is inflation. I don’t think he’ll get true demand-driven inflation, but he’ll get fiat currency debasement, and other central banks have the same mission.” This optimistic view is shared by others such as Pal, who say BTC is primed to move higher due to the massive amount of monetary stimulus amid other geopolitical and monetary trends. Source: Bitcoinist |
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