Bitcoin Poised For New Bull Run, Market Analysts Detect Encouraging Indicators
Portfolio Pulse from Murtuza Merchant
Analysts at Bitfinex suggest that Bitcoin (BTC) may be on the verge of a new bull run. The report indicates that Bitcoin's Spent Output Profit Ratio (SOPR) and Net Unrealized Profit and Loss (NUPL) indicators have turned green, suggesting profitable transactions since Bitcoin breached the $29,500 mark. The report also notes a significant increase in Bitcoin miners sending their coins to exchanges, a trend typically observed either during a bear market capitulation or at the onset of a bull market.
July 05, 2023 | 4:28 pm
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Bitcoin may be on the verge of a new bull run, according to Bitfinex analysts. Key indicators suggest profitable transactions and increased activity from Bitcoin miners.
The report from Bitfinex analysts suggests a bullish outlook for Bitcoin. The SOPR and NUPL indicators turning green suggest profitable transactions, which could attract more investors. Additionally, the increased activity from Bitcoin miners, typically observed at the onset of a bull market, could further drive up the price.
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