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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Are We At The Early Stages Of A Bitcoin Bull Market? Bitfinex Analysts Reveal

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
XRP overtakes Bitcoin in trading volume

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While the global crypto market has split, with some parts, such as XRP moving in an upward trend and another part, such as Bitcoin moving in a downward trend, Bitfinex analysts have suggested the current downtrend on Bitcoin may not just last for a long anymore.

According to Bitfinex’s alpha report this week, Bitcoin has recorded bullish achievements over the past week. This has indicated a possible upcoming round of another rally from the top crypto, or in Bitfinex analysts’ words, this could mean we may be in the “early stages of a Bitcoin bull market.”

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Bitcoin Bull Market Approaching?

In Bitfinex’s alpha report, the exchange’s analysts pointed out several notable points Bitcoin (BTC) has achieved in the past week, which may result in bullish moves from the asset sooner or later. According to analysts, Bitcoin is beginning to see new market participants. 

Over the past weeks, the asset’s derivatives trading volume has surged faster than the spot trading volume, thereby driving its volatility. Per the report, Bitcoin’s 7-day moving average spot trading volume has only surged by roughly $24 billion.

This is way lower than the derivatives market, which has seen Bitcoin trading volume on futures across various exchanges near $1 trillion. Though the amount recorded in the spot trading volume is the highest ever in Bitcoin’s history, it’s nowhere close to the asset’s derivatives trading volume. The analysts noted, 

“The BTC Long-term Holder (LTH) Spent Output Profit Ratio (SOPR) is now returning to a level greater than one, on multiple timeframes, indicating that coins are being moved at a profit. The behavior of long-term Bitcoin holders selling their coins during current market conditions is consistent with previous bear market trends, which is a positive signal for the market.”

Notably, the rise in Bitcoin’s spot trading volume can be attributed to the US bank crisis, which caused many traditional bankers to seek Bitcoin as an alternative store of value. 

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BTC’s Option Volume Surpasses $10 Billion

Furthermore, Bitcoin’s option volume hasn’t been left out of the equation, as it has also been peaking in recent weeks, according to Bitfinex analysts.

In the past weeks, Bitcoin options’ open interest has spiked to around $12.14 billion. The report suggests this means institutional investors are actively participating in the Bitcoin market, indicating the early stages of a bull market.

According to the analysts, although the increase in volume may be quite exciting for investors, it creates more risk as it increases volatility. In addition, over the past year, Bitcoin’s last active supply has increased as opposed to the asset’s supply of long-term holders which has plummeted. The analysts noted,

“The BTC Long-term Holder (LTH) Spent Output Profit Ratio (SOPR) is now returning to a level greater than one, on multiple timeframes, indicating that coins are being moved at a profit. The behavior of long-term Bitcoin holders selling their coins during current market conditions is consistent with previous bear market trends, which is a positive signal for the market.”

Meanwhile, over the past 7 days, BTC has been in the red. The asset has fallen from a high of $28,783 on March 22 to trade below $27,000. This plummet comes after Federal Reserve Chairman Jerome Powell announced the interest rate spike last week.

Bitcoin price chart on TradingView
Bitcoin price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

At the time of writing, Bitcoin is currently in a downtrend alongside some parts of the crypto market. The asset is down by nearly 1% in the last 24 hours with a trading price of $26,837. In contrast, its 24-hour trading volume sits at $16.5 billion, down by 6.7% over the same period.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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