Is The Bear Market Over? Why bitcoin could rise to $ 45k as powerful owners grow

Bitcoin has reclaimed key points of its current coverage. According to the market cap, the first cryptocurrency is trading at us $ 41,300, with a profit of 6% and 23.8% on the daily chart.

BTC moves sideways after returning $ 40,000 on the daily chart. Source: BTCUSD Tradingview

Overall market sentiment has been bullish, with the fear and Greed Index marking greed for the first time in recent months. Other indicators, as many experts have noted, point to a marked shift in the Sunday market. The Bulls could see more Yesil days in the coming weeks.

Glassnode data provided by Moscowski capital CIO Lex Moskovsky noted an increase in the number of bitcoins owned by the “strongest owners.” Those owners rose to an all-time high, suggesting “bullish” price movement, according to the illiquid supply indicator.

Source: Glassnode via Lex Moscow

Charles Edwards, founder of Capriole Investments, has reported an increase in the number of long-term bitcoin holders. According to the” hold wave ” metric, such investors have increased their offerings following the crash in May 2021. Edwards added:

Such a sharp rise has never happened in the early stages of previous bear markets, suggesting that bitcoin’s bullish cycle is still likely to continue.

Source: Glassnode, via Charles Edwards

Additional data provided by Edwards shows it is the “first positive October” of exchange-traded platforms since last week, when Bitcoin opened at about $ 29,000 each year at current levels. This indicator suggests that cryptorynke demand may return and support further increases.

Days before the current price move, bitcoin had fallen from its annual opening of about $ 35,000, as noted. Edwards described the price move as an “unfortunate breakout” as sellers ran out of those lows and failed to lower the price further. He added:

The emerging bullish pressure was supported by a very short market with overexposure to stable currencies.

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