Bitcoin is back above $62,000, and that’s got crypto folks excited. Analysts are saying the bull market isn’t over yet, and there’s a lot of good news for Bitcoin holders.
Why Analysts Think the Bull Run Continues
Crypto analyst Crypto Dan sees a lot of similarities between Bitcoin’s current movement and past bull runs. He noticed that long-term investors took profits twice during the 2013 and 2020 bull markets. This didn’t happen in 2017, which suggests that the current market might be poised for another big jump.
Dan also points to the global economy, specifically the recent trend of interest rate cuts by central banks. Even though it might take a while for all that extra cash to flow back into the market, investors are already getting excited. This could lead to a big price increase by 2025, which is great news for long-term investors.
Bitcoin Bounces Back, Coinbase Premium Points to Accumulation
Bitcoin dipped to $58,000 earlier this week, but it’s bounced back nicely. This recovery has crypto folks feeling optimistic, especially since other indicators suggest that people are still buying Bitcoin.
Another analyst, Avocado Onchain, looked at the Coinbase Premium, which measures the difference between Bitcoin prices on Coinbase and other exchanges. A negative Coinbase Premium is usually a bad sign, but Bitcoin’s price has bounced back, which suggests a positive outlook.
Historically, Bitcoin’s price has bounced back after the Coinbase Premium dips below -50 during bull markets. This pattern has held true over the past year, even though Bitcoin has been trading in a narrow range for the past eight months.
Avocado says that in a bear market, a negative Coinbase Premium would usually lead to panic selling, but that’s not happening now. Instead, it looks like big players are buying Bitcoin at lower prices, which could mean the bull market isn’t over yet.
