{"id":72785,"date":"2023-01-19T14:52:00","date_gmt":"2023-01-19T12:52:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72785"},"modified":"2025-09-09T10:18:17","modified_gmt":"2025-09-09T07:18:17","slug":"analysts-see-bitcoin-entering-the-early-stage-of-a-bull-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analysts-see-bitcoin-entering-the-early-stage-of-a-bull-market\/","title":{"rendered":"Analysts See Bitcoin Entering the Early Stage of a Bull Market"},"content":{"rendered":"

Bitcoin could have entered a new bullish phase, as many market participants have ‘fallen out of the game’ in recent months. However, the risk of a pullback and testing of recent lows remains, according to LookIntoBitcoin.<\/p>\n

The technical picture is encouraging. Despite the likelihood of fading momentum in recent weeks, there are good chances of reaching the 200-week WMA<\/span> at around $24,690, according to the specialists.<\/p>\n

\"Analysts
Data: LookIntoBitcoin.<\/figcaption><\/figure>\n

In October\u2013November, the indicators \u0421umulative Value Days Destroyed (CVDD)<\/a> and \u0441\u0431\u0430\u043b\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0439 \u0446\u0435\u043d\u044b<\/a> pointed to a high probability of the price reaching a cyclical bottom. With each day after the price rebound from key metric levels, the chances of continuing the rally grow, the specialists emphasised.<\/p>\n

\"Analysts
Data: LookIntoBitcoin.<\/figcaption><\/figure>\n

Puell’s multiplier<\/a> has slipped into the accumulation band. Such a situation typically coincides with a bottom in conditions where some miners have no choice but to forcibly sell Bitcoin at a low price.<\/p>\n

At present, the indicator is exiting the accumulation band, historically signaling a shift from bearish to bullish phase.<\/p>\n

\"Analysts
Data: LookIntoBitcoin.<\/figcaption><\/figure>\n

Hash Ribbons<\/a> metric also indicates easing of miners’ financial stress and potential to sustain positive price dynamics, at least in the near term.<\/p>\n

Crossing of the ‘hash ribbons’ (30-day DMA<\/span> from bottom to top 60-day DMA) signaled the long-awaited ‘breather’ for the industry. The signal often coincides with a short-term price decline as miners regain confidence, but subsequently has a positive effect due to reduced forced selling.<\/p>\n

\"Analysts
Data: LookIntoBitcoin.<\/figcaption><\/figure>\n

MVRV Z-Score<\/a> also points to bottoming. Analysts described such moments with the words ‘it’s all over’ \u2014 such thoughts may arise at this moment among panic-prone investors and newcomers.<\/p>\n

\"Analysts
Data: LookIntoBitcoin.<\/figcaption><\/figure>\n

Analysts at Glassnode indicated<\/a> a likely local maximum for Bitcoin.<\/p>\n

Earlier, Bloomberg strategist Mike McGlone forecast that the Nasdaq Composite would slip below its 200-day moving average, which could delay the rally<\/a> in digital gold.<\/p>\n

Read ForkLog’s Bitcoin-news on our Telegram<\/a> \u2014 cryptocurrency news, prices, and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin could have entered a new bull phase, as many market participants have ‘fallen out of the game’ in recent months. However, the risk of a pullback and testing of recent lows remains, according to LookIntoBitcoin.<\/p>\n","protected":false},"author":1,"featured_media":72786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1145],"class_list":["post-72785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72785"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72785\/revisions"}],"predecessor-version":[{"id":72787,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72785\/revisions\/72787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72786"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}