Bitcoin Poised for 300-day Bull Run, Predicts Top Crypto Analyst

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After enjoying a two-month hiatus at a position near its historic peak, Bitcoin appears poised to deliver another formidable blow. This sentiment is held by Axel Adler, a reputable crypto-analyst, who forecasts a 300-day bull market, driven by healthy profits from short-term holders and a market that’s brimming with vitality.

Adler’s prediction is backed by data concerning the Short-Term Holder Spent Output Profit Ratio (STH SOPR) – a metric that determines if short-term holders are liquidating their crypto assets for a profit. Presently, the STH SOPR registers a 90-day moving average of 1.015. This means that short-term holders are realizing profits, but have still not reached the staggering highs typically witnessed during previous bull markets, which usually hover around 1.06. Adler reasons that there is room for further profitable positions to be taken, before the bulls begin to show signs of strain.

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Adler believes that the bull market is in full throttle. Unless a surprising and significant event that adversely affects the economy occurs, Adler predicts that the bull market could continue for approximately another 300 days. This assumption is founded on a Profit & Loss analysis of short-term holders, which takes into account a 90-day moving average.

Another factor indicating the unspent potential of the bull market is Open Interest (OI). This metric represents the total number of unfulfilled derivative contracts held by traders. Although the recent price surges have been substantial, Adler points out that the 7-day moving average for OI hasn’t exhibited the rapid increase typical of previous periods of bullish activity. This suggests an untapped strength in the market, and a latent capacity to stimulate further growth.

But Adler’s assessments are not limited to sophisticated ratios and esoteric graphs. He also identifies various technical indicators that hint at a bullish market. The Relative Strength Index (RSI), which measures market momentum, has not surpassed the threshold of 70; an indication of overbought assets. Consequently, Adler suggests that the ongoing rally is robust and poised for longevity.

Moreover, the Chaikin Money Flow (CMF) has surged into the positive 0.05 territory, implying there is significant capital inflow and an increasing demand for Bitcoin among investors.

Despite the positive projections, there remain challenges to surmount. Resistance levels are situated at $79k, $88k, and $97k, as deduced from Fibonacci extension levels. These price marks could potentially impede Bitcoin’s rapid ascent. However, if the current momentum persists, the resistance levels could be transcended, potentially leading to a reanalysis of the historic high of $73,700 and possibly even an upward surge beyond this record.

Bitcoin is currently trading at $70,046, painting an optimistic picture of the cryptocurrency’s future performance.