Indicator shows Bitcoin is on the brink of a historic Bull rally

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Bitcoin has seen mediocre price action in the past few days, generally finding itself caught in a wave of side deals in the $ 7,000 region as bulls struggle to overcome the strong resistance that has been laced in the upper region of $ 7,000.

It now seems that the bulls are on the verge of turning the tides firmly in their favor, as a technical indicator suggests that crypto is currently on the verge of entering a bull race of historic proportions.

Investors are aware of this as data signals pointing to addresses with non-zero balances have skyrocketed in recent times.

Bitcoin continues to push higher as new investors flock to “hard money”

The uptrend of Bitcoin over time following its capitulatory decline to lows of $ 3,800 has been fairly intense, and crypto has shown signs of strength even in the face of multiple firm refusals at the level just above where it is currently being negotiated.

This strong upward trend may be a sign that its recent lows are a long-term low and that the bears were significantly overfished during the last decline.

An interesting factor that has closely coincided with this uptrend is a lot of new investors flocking to the benchmark cryptocurrency.

This trend is clearly elucidated by looking towards the growth of new portfolio addresses with a non-zero balance, a phenomenon which is elucidated by data from the Glassnode research platform.

Bitcoin

Image courtesy of Glassnode

The graph above shows that the influx of new investors into emerging markets has become parabolic in recent times.

Cutting BTC’s future mining awards in half could be a factor that plays a huge role in bringing new investors into digital assets. The event highlights the deflationary nature of crypto as it trades amid unprecedented inflation and unclear global monetary policy.

The key indicator suggests that BTC is about to see major gains

The culmination of the strong upward trend in Bitcoin and the influx of new retail investors into the market has brought crypto to the brink of a full-fledged uptrend – according to another indicator from Glassnode.

“A key moment to watch: the short-term Bitcoin holder NUPL has entered the area of ​​hope. Staying above this area previously indicated the start of bull markets. As halving approaches, can BTC maintain this momentum? “

Bitcoin

Image courtesy of Glassnode

The indicator seen in the graph above seems to suggest that if Bitcoin pushes higher before or after the halving occurs, it could be enough to tip the scales in favor of the bull and help the digital asset to enter in its next parabolic phase.

Featured image from Unplash.



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