Journalist
Posted:
- Bitcoin fell back below the $26,000 mark.
- Market indicators and metrics suggested a possible price uptick soon.
Bitcoin’s [BTC] price has remained under bears’ influence for quite some time now, as it fell back below $26k at press time. Moreover, Glassnode Alerts’ tweet pointed out that BTC’s supply at loss reached a 7-month high of 7,670,004.977 BTC on 8 September.
#Bitcoin $BTC Supply in Loss (7d MA) just reached a 7-month high of 7,670,004.977 BTC
View metric:https://t.co/xF3a2VMQxm pic.twitter.com/rsJsiIxWX1
— glassnode alerts (@glassnodealerts) September 7, 2023
Is your portfolio green? Check out the BTC Profit Calculator
However, as reported earlier, things might start to get more volatile in the coming days.
Is Bitcoin repeating its 4-year cycle?
On 7 September, X (formerly Twitter) account CryptoCon posted a highlight about Bitcoin’s November 28th Time Cycles indicator. Notably, using 4-year time cycles against CryptoCon’s theory produced Bitcoin’s exact behavior in time since its inception.
As per the data, Bitcoin’s price could enter its “mid-cycle lull” phase soon.
Maybe, I have finally cracked the #Bitcoin code.
The November 28th Cycles Theory has held the key.
Using 4-year time cycles against my Theory, produces Bitcoins exact behavior in time since its inception.
Cycles are centered around the… pic.twitter.com/EI8BUk285I
— CryptoCon (@CryptoCon_) September 7, 2023
As per the November 28th Time Cycles, Bitcoin’s current phase is where it will spend the longest time until the curve bottoms. If the analysis is to be believed, BTC will enter its next bull market somewhere in November 2024.
This also aligned with the upcoming halving, as halvings have historically been followed by bull rallies a few months after their completion.
However, as we are about to enter the mid-cycle lull phase, we can expect the king of cryptos to register slight upticks. A look at Bitcoin’s metrics shed light on whether that might happen in the near term.
Bitcoin bulls might enter soon
At the time of writing, BTC was trading at $25,840.79 with a market capitalization of over $503 billion. CryptoQuant’s data revealed that most metrics were bullish, which could cause a price uptick soon.
Bitcoin’s net deposits on exchanges were low compared to the last seven-day average, suggesting that it wasn’t under selling pressure.
BTC’s aSORP was green, meaning that investors were selling at a loss. This typically indicates a bear market bottom. Moreover, the Net Unrealized Profit and Loss (NUPL) pointed out that the market was in a fear phase – another bullish signal.
Source: CryptoQuant
Read Bitcoin’s [BTC] Price Prediction 2023-24
A few market indicators also supported the buyers. For instance, the MACD displayed a bullish edge in the market. Bitcoin’s Money Flow Index (MFI) also registered an uptick and was headed above the neutral mark at press time, increasing the chances of a northbound price movement.
However, BTC’s Chaikin Money Flow (CMF) showed concerning signals as it declined slightly.
Source: TradingView
