A cryptocurrency YouTuber I follow Louis Thomas posted a video titled "We're about to witness another Bitcoin bubble.." and upon watching it I can certainly see it happening based on the charts.
The original tweet posted by Twitter user "truenomic" shows two charts examining previous bull runs and bear markets, as compared with the volume, looking at these charts it's clear that we could be starting to approach a new bull run.
$BTC: I don't think it makes sense to deny the similarity of these cycles, and that we are at the foot of a new bubble.@woonomic @kenoshaking @ColeGarnerBTC @filbfilb pic.twitter.com/C6orV2If9a— Nik Jaremczuk (@truenomic) October 4, 2019
Pictured above is the chart that was posted in the original tweet, the red rectangles depict bear markets or areas of capitulation, and the yellow rectangles depict the area coming out of a bear market and into a phase of accumulation.
In the chart you can see a correlation between the Bitcoin price and the Bitcoin price momentum, a metric you can read more about at Woobull's charts page.
As you can see the momentum goes higher as we enter the bull market and before the bull market takes off. In 2013 and 2017 the accumulation phases were directly followed by a bull market.
To make things even more bullish we also have the network reward halving in June next year.
Personally I think the fundamentals are looking good for Bitcoin starting to build momentum towards a new bull run, especially considering the network reward halving is coming up next year, what do you think? Do you think a bull market is on its way? Post your thoughts in the comments below.
Check out the video from Louis Thomas linked below:
Please note that this article should not be considered as investment advice, you can read the full disclaimer at our Site Disclaimer Page.
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