• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

A Key Indicator Shows the Bitcoin Bear Market Ended Just Days Ago

Nick Chong by Nick Chong
9 months ago
in Bitcoin
Reading Time: 2min read
Cardano
Advertisement

Even though Bitcoin is up more than 150% from March’s lows, analysts have still been questioning if it is just a matter of time before the bear trend continues.

A trader that months before March called for Bitcoin to fall to the $3,000s and for XRP to reach $0.11 recently touched on this. He indicated in the chart below that he still sees a scenario where the leading crypto falls to $2,000, and maybe even as low as $1,000, despite the recent recovery.

Bearish Bitcoin price chart from il Capo of Crypto

Also bearish is Ross Ulbricht, an early cryptocurrency adopter that is known for founding the Silk Road marketplace.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

He wrote in a Medium post that per his Elliot Wave analysis, BTC  is in the second phase of a multi-year bear market that will see it fall under 2018’s lows of $3,150.

According to on-chain data though, the bear market just ended.

Bitcoin Bear Market Just Ended

Blockchain analytics firm Santiment shared on June 5th that the Bitcoin bear trend that began after March’s crash is over. Notably, prices have rallied extremely far and fast since March’s lows, but the asset was still embroiled in a technical downtrend.

“Historically, when the MVRV Long/Short Difference begins to rise above 0, it indicates the end of a bear cycle and we see the price moving upwards. And…..we just went above 0 few days ago,” Santiment wrote.

The MVRV Long/Short Difference is an indicator that effectively tracks the profitability of the average Bitcoin holder over time.

If the indicator is above 0, it shows that holders are becoming profitable again — a sign seen at the start of bull markets. Santiment explained in reference to the chart seen below.

“The indicator will bottom at the bottom of the bear market and will top at the top of the bull run. As you can see from the first image above, when the indicator crosses 0, the price of BTC grows steadily.”

Santiment Bitcoin indicator
Image showing the MVRV Long/Short Difference indicator over time from Santiment.

Other Signs Are Also Bullish

The MVRV Long/Short Difference isn’t the only positive sign.

Santiment also identified analysis by Grayscale Investments as a sign that the cryptocurrency market is trending bullish.

On June 4th, technology analyst Kevin Rooke shared that the investment firm Grayscale has seen an influx of Bitcoin investment demand over the past few weeks.

Rooke found that in the past seven days, Grayscale Investments (on behalf of its clients) added 9,503 BTC to their Trust holdings while miners produced 6,863 coins.

Bitcoin accumulation
Image of Bitcoin accumulation by Grayscale Investments from cryptocurrency and technology data analyst Kevin Rooke (@kerooke on Twitter).
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt 
A Key Indicator Shows That the Bitcoin Bear Market Ended Just Days Ago
Tags: bitcoin pricebtcusdBTCUSDTbullishSantimenttechnical analysisxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

8 mins ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

2 hours ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

24 hours ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

1 day ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

2 days ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Get Your Brand New Tokens on Defiqa’s Presale

February 26, 2021

Keep it Regal with Royal Roulette on 1xBit Casino

February 26, 2021

LABS Group collaborates with DuckDAO to Bring Decentralized Real Estate Investments to Market

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.