“This is Bitcoin’s year”: BTC probably shortly before the mega bull run – on-chain analysis

Since the low of $ 3,700 in mid-March, Bitcoin has risen impressively to $ 7,470. While this is impressive, the crypto currency is not yet in a full-blown bull run.

However, given the confluence of resistance above the BTC price, analysts are extremely confident that we are on the brink of a bull run.

Glass node according to, a leader in cryptocurrency data, could soon see a full-blown “bullish turn” from one of its proprietary indicators that accurately showed Bitcoin’s market highs.

Glassnode: Bitcoin could soon confirm a trend reversal

While the crypto market often moves without meaning and reason, its trends can be tracked and tracked using on-chain data.

According to Glassnode, one of the on-chain indicators used – the Short-Term Holder Net Unrealized Profit / Loss (STH-NUPL) – suggests that BTC is still in a bearish trend, with short-term holders in a “capitulation” .

The company notes that once the indicator goes into a “hope” stage (meaning short-term Bitcoin investors will make profits), it is likely to be confirmed that BTC has seen a “bullish turnaround” and back in a growth cycle and not a weak cycle.

Just before the bull run

Although Glassnode’s indicators do not indicate that a bull market has started, prominent analysts are certain that this phase of the market cycle is very close.

In a conversation with Bloomberg TV on Monday, Mike Novogratz – CEO of Galaxy Digital and former partner of Goldman Sachs – commented that he will continue to hold on to gold and bitcoin for a long time and named two fundamental trends:

1. Stimulation from central banks and governments

Governments and central banks around the world have worked hard in the past few weeks to combat the economic impact of the coronavirus outbreak. They printed masses of money, sent money to citizens almost by plane, saved companies and much more. Novogratz claims that bitcoin and gold make this look better, and cites its scarcity.

2. Institutional takeover

In addition, Novogratz is optimistic about Bitcoin because he has seen that BTC is widely accepted by institutional players – with particular reference to wealthy individuals and hedge funds entering the industry.

While he didn’t mention his prediction in this latest Bloomberg interview, Novogratz told CNBC last week that he was still certain that Bitcoin would exceed $ 12,000 in October and then hit the all-time high of $ 20,000 by the end of the year Will shade.

The former Wall Street investor has so much confidence in this forecast that he says:

“This is Bitcoin’s year, and if it doesn’t rise by the end of the year, I could lose my spurs.”

Novogratz believes that even if the bull run has not yet started, he is close.

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