300 Days After Bitcoin Bull Market Peak of $65,000 – What Does This Allude To

Bitcoin [BTC] could be heading for greener pastures after the latest on-chain activity showed bullish indicators.

According to the analysis firm SanimentBitcoin supply continues to be withdrawn from exchanges.

This is a very strong bullish signal for crypto assets. Bitcoin withdrawals from exchanges have become a common theme since the early 2020 volatility trends.

Even during the 2022 downtrends, HODLers continued to represent a higher percentage of the overall supply held by investors.

According to this data, the supply of Bitcoin on exchanges has fallen to its lowest point at 1.74 million BTC since November 2018.

Source: Santiment

According to CoinMarketCap, Bitcoin is back to $20,400 after suffering a market-wide selloff last week. This led the centerpiece to test the $20,000 support level.

Well, the support line continues to be tested as FUD unfolds in the market.

According to another Santiment updatetraders continue to sell short whenever BTC suffers a “significant price drop.”

According to average Bitcoin funding rates on major exchanges such as Binance, BitMEX, DYDX, and FTX, a strange pattern has been observed in trader activity.

The reaction to the massive August 26 price drop was the “most aggressive” trader move against the markets since May.

Source: Santiment

Unpopular opinion for victory

A prominent crypto analyst, Rekt Capital, has shared his views on the future of Bitcoin prices.

The analyst claimed that historically Bitcoin bear markets tend to bottom out 365 days after the previous peak in the bull market.

Interestingly, we are already 300 days past the Bitcoin bull market peak of “$65,000”. This may mean that we are nearing the end of the current bear market for Bitcoin.

Does the data support this claim?

On-chain data continues to show losses for traders despite a modest recovery over the past few days.

This came after Bitcoin surged above $20,000. However, the MVRV ratio indicated losses for short-term traders, as it stood at -6.9% at press time.

Source: Santiment

Carol N. Valencia