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Home»Bitcoin»Will Bitcoin 2024 Start With a Bull Rally?
Bitcoin

Will Bitcoin 2024 Start With a Bull Rally?

2023-11-28No Comments3 Mins Read
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Journalist

Posted: November 28, 2023

  • Bitcoin Open Interest hit an all-time high on November 27.
  • BTC fell 1.2% last week, but the numbers were mostly bullish.

Bitcoin [BTC] underwent a bull run over the past 30 days, with the price rising 9% during this period. But the king coin’s fortunes soon turned as BTC’s move turned sideways over the past week.

According to CoinMarketCapBTC has fallen by more than 1.2% over the past seven days. At the time of writing, it was trading at $36,897.06 with a market cap of over $721 billion.

This is what Bitcoin’s statistics suggest

But investors shouldn’t lose hope as AMBCrypto discovered that Bitcoin has been up to something all along. Notably, CryptoCon pointed out in a tweet that BTC has reached the 3.5 Advance/Decline Ratio (ADR) level for the first time in this cycle.

For the first time this cycle #Bitcoin has reached the ADR level of 3.5.

This means two things:

1. This is just the beginning of a shorter-term move

2. This is the very beginning of the bigger picture

The differences between the cycles are shown again.

BitTime… pic.twitter.com/7TFTtWD9py

— CryptoCon (@CryptoCon_) November 26, 2023

The Advance-Decline Ratio (ADR) is a popular market breadth indicator used in technical analysis. It compares the number of shares that close higher with the number of shares that close lower than the previous day.

Historically speaking Bitcoins ADR reaching these levels has always been a harbinger of a bull rally.

It was interesting to note that although Bitcoin’s ADR reached 3.5, this was also the case Open interest also reached a record high. High open interest generally indicates higher liquidity for an asset.

See also  I researched ChatGPT about a possible Bitcoin rally, the answer did not disappoint

This means that there will be less discrepancy between the asking price of an asset and what another trader is willing to pay.

Is BTC Actually Preparing for a Rally?

AMBCrypto then looked at Bitcoin’s on-chain metrics to better understand whether the coin was preparing for another bull rally.

Our analysis of CryptoQuant’s facts revealed that BTC’s foreign exchange reserves were declining, meaning the coin was not under selling pressure at the time of writing.


Is your portfolio green? look at the BTC profit calculator


The king coin binary CDD was also green, implying that long-term holders have not made many moves in the past seven days. LTHs were therefore willing to hold on to their assets.

However, BTC‘s Active Addresses and Transactions fell, signaling a possible decline in daily trading – a worrying sign.

Source: CryptoQuant



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Bitcoin Bull rally Start
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