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Bitcoin Poised For Biggest Bull Market Ever

Bitcoin investors go bullish in latest gambit

No crypto enthusiast could ever forget the all-time high reached in the 2018-2019 era, with prices surging past 18,000 USD per coin. Crypto had become a global phenomenon, surpassing interest and attention from niche investors and investors that believed in the future of a digital asset. The recent macroeconomic indicators, including the war in Ukraine, global energy crisis, inflation, supply chain issues, and growing political tensions have overall affected all financial markets, and Bitcoin did not go down without a fight. Recently, July signaled one of the deepest discounts in Bitcoin history, relative to its 100 and 200-day moving average chart. At these levels, and with Bitcoin rallying another 20% from its floor, BTC is on the verge of experiencing one of its best bull markets in history.

With some whales taking profits nearing the 25,000 mark – liquidity stayed stable – as per the charts derived from TradingView.com. Trend lines started to emerge, waylaying that the close of the weekly candles last week forecasted a new support line. Furthermore, the investor sentiment changed from largely bearish to a short-term bull environment. The question becomes “Why is BTC all of a sudden spiking”?

Better than Expected Results

Both technical and fundamental analysis are looking great. From a technical standpoint, BTC is looking much more attractive in the long term, betraying the presumption garnered from the short-term charts and projections. Testing new support, holding liquidity, and increasing investor confidence have given technical day-traders a bigger reason to place this on their watchlist. The crypto giant still has some room to breathe and, bar another unprecedented event, could be a springboard to new unparalleled growth in the near future.

On the fundamental side, certain developments on the global scale have given more traditional investors the assurance that they can finally deploy their assets back into more risky assets. Although investors do not often like to admit it, cryptocurrency still follows fiat trends, even for projects that tout themselves as fully decentralized and away from the financial system. BTC is still supreme and touches every project – crypto, fiat, or asset-based. It is also the fundamental developer of a large blockchain system, leading the charge into the Web3.0 landscape.

News such as the first grain ships finally leaving Odessa, the Fed hiking rates less than anticipated, and slightly lower oil prices have finally raised green flags that the proverbial storm can finally begin clearing.

Will BTC Sizzle Out?

Although good news has surfaced, it is impossible to say whether BTC will continue on its trend. Technical analysis loves to propagate its own version of a self-fulfilling prophecy, so much that some adamant traders will only deploy their capital if the signs point toward a profitable future on the chart. Not everyone shares the same optimism, but crypto enthusiasts such as Material Scientists can’t help to fully recognize the 19% monthly gain that came with the month of July – its best performance since the ATH of 2021.

Material Scientist also states: “Negative funding has almost completely reset, just like in late March. We might even see positive funding on some alts soon.” Signaling that the cryptocurrency markets may finally recover as a whole, rather than a few select projects.

Mike McGlone, expert strategist at Bloomberg Intelligence confirms the performance of Bitcoin as a result of the Fed announcements. The fact that Jerome Powell said he would address further rate hikes on a “meeting by meeting” basis could potentially mark the comeuppance of Bitcoin – as it tends to outperform most assets in a bull market.

Source: https://cointelegraph.com/news/bitcoin-due-one-of-greatest-bull-markets-as-july-gains-circle-20

The Crypto News Talk Editorial Team delivers the latest news and updates from throughout the world of crypto. Crypto News Talk experts scour the cryptosphere 24/7 for the latest developments on Bitcoin, Ethereum, coins, exchanges, ICOs, NFTs, DeFi, and more, ensuring you get the relevant, groundbreaking crypto news and content you need when you need it most.

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