Bitcoin: A Bullish Roller Coaster Ride

Bitcoin Bulls Target BTC Price Rebound with Inflows Resembling Late 2020

Bitcoin bulls are hopeful about a potential price rebound as cash inflows mirror those observed in late 2020.

BTC/USD 1-hour chart. Source: TradingView

Hey there, digital asset investors! Get ready for an exhilarating ride on the Bitcoin roller coaster! Bitcoin is roaring back to life with fresh bull run signals that are sure to get your heart pumping and your portfolio soaring.

Picture this: Bitcoin, like a superhero shedding its cape, had to take a break to cool off after reaching an impressive $44,000. But fear not, dear investors, for it has bounced back after a momentary sell-off and is now ready to continue its breathtaking ascent.

In fact, according to the data from Cointelegraph Markets Pro and TradingView, BTC’s strength is producing a whopping 7% daily gain. That’s like riding a roller coaster at full speed but without feeling queasy!

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But wait, there’s more! Our statistics guru, Philip Swift, creator of the resource Look Into Bitcoin, revealed an exciting metric called the “Value Days Destroyed (VDD) multiple.” Think of it as a superpower that quantifies Bitcoin’s selling activity based on the time the supply was previously dormant. And guess what? It’s reached levels previously seen during the Early Bull phase. It’s like Bitcoin is flexing its muscles and saying, “Nothing can stop me now!”

And you know who’s been driving recent selling activity? Short-term holders, or as I like to call them, the “speculative cohorts.” They’re the ones who want a wild, adrenaline-fueled ride, not the long-term holders who enjoy a steady cruise. It’s like having a roller coaster filled with daredevils who are always looking for the next thrill.

Now, let’s talk about the Bitcoin price action. Analysts believe that Bitcoin has the potential to reach key resistance near $50,000. Matthew Hyland, our resident analyst, points out the relative strength index (RSI), which has printed a bullish divergence with price on daily timeframes. It’s like finding a hidden gem on the roller coaster track, signaling an exciting twist in the ride.

And it’s not just Bitcoin that’s making waves. Our friend Ali, the social media commentator with a keen eye, has spotted significant inflows into Bitcoin and its biggest alter ego, Ethereum (ETH). This reminds us of late 2020, when Bitcoin first broke beyond $20,000 and embarked on an epic price discovery journey. It’s like history replaying itself, but with even more excitement and anticipation.

In conclusion, digital asset investors, buckle up and get ready for the ride of your life. Bitcoin is displaying all the signals of a wild bull run. Just remember, amidst the exhilarating highs and heart-pounding moments, we have a plan in place. We know where we’re going, why we’re going, and when we’re going. The rest is just the colorful noise of the roller coaster—part of the thrilling experience.

So, my friends, grab your virtual tickets and join us on this wild Bitcoin roller coaster. It’s going to be a ride you won’t want to miss!

“Bitcoin should overcome the $42K-$45K channel by the end of the coming week, and then there are no more strong resistances until $63K.”

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