Although BTC is down roughly 70% from its November 2021 all-time highs, and has been meandering lower in a crushing bear market, a recent hard bounce has driven the Bitcoin price up over 20% in a matter of weeks.

Based on analysis and charting data on CoinQuora.com, “the daily candle touches near the support zone of $16,000-$21,000 and it’s going for a reversal after having buyers put order blocks at $19,000-$21,000.”

“During these 10 days, the price of BTC increased from the lowest range and shot up to 23.04%. But it still hasn’t broken the 200 EMA line in the 4H chart, and it’s going sideways.”

CoinQuora goes on, “Bitcoin remains stable and moving sideways in the 4H chart. While many traders firmly believe that holding Bitcoin will be more profitable than holding altcoins in the long run, will their mentality lead to breaking the sideway range of Bitcoin in the 4H chart and going straight to a bull run?”

The analyst at CoinQuora raises a very good question. Will BTC go straight into a bull run? It could. While many short term BTC traders have left the market on capitulation, Hodlers are staying put, even accumulating more BTC at current prices.

Should more whales and Hodlers continue to accumulate, FOMO may be triggered in short termers, adding substantial buying pressure… potentially triggering the very bull run CoinQuora seems to be indicating could be near.

But CoinQuora is not alone. Regarding BTCs current price and holder base, David Puell, a well-known analyst, and creator of The Puell Multiple, a Bitcoin price and movement indicator, recently tweeted:

“Scenario that looks interesting to me: Cost basis of short-term holders (STH) is below cost basis of long-term holders (LTH), shown in green here.”

 

 

“In other words: STH-MVRV > LTH-MVRV. LTH realized price: $31.7k. STH realized price: $22.2k.”

In response to Puell’s tweet, on-chain cycle analyst, Root tweeted, “Indeed very interesting David. imo, high likelihood we either had or are really close to a bottom…”

Is the bottom in?

Are we heading into the next bull run?

Only time will tell. However, long-term BTC bulls aren’t overly concerned with short-term price movements. Many top analysts and Hodlers have price targets well into the $100k+ for BTC. Should their predictions come to fruition, they could be in for some substantial BTC gains.

Read the CoinQuora analysis, HERE

Source: https://coinquora.com/bitcoin-sees-23-04-increase-going-for-a-bull-run/