Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally
Bitcoin price keeps sinking, but has kept mostly sideways leaving bears unable to break support to new lows. With the trading range at a pivotal point, as one trading legend often says it is “time to pay attention.” The reason for the focus, is because what started as a fractal in price action, is now […]
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There is no denying that Bitcoin has been ripped to shreds by bears over the last several months after setting a new all-time high in November last year. Even with new highs, the rally is largely viewed as a failure without a dramatic cycle conclusion. But what if that rally was part of a bear phase, that only now is about to end? In a new direct comparison between bear phases in Bitcoin since 2018, it could indicate that it is almost time for another bull season any day now. Bull Market Cyclical Behavior Months ago, the term “few” was thrown around by the crypto community....
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On-chain data suggests the Bitcoin MPI indicator has observed a rise recently, now reaching the same values as March 2021. Past pattern may hint that a bull rally could follow here. Bitcoin MPI Seems To Be Catching Some Uptrend After Months Of Inactivity As explained by an analyst in a CryptoQuant post, the BTC MPI metric’s current trend may suggest that a bull rally could occur soon, if historical pattern is anything to go by. The “Miners’ Position Index” (or the MPI in short) is an indicator that’s defined as the ratio of the number of all Bitcoin....