Bitcoin Bulls Ready to Take Over Q3: Will You Profit?
• Bitcoin’s price crossed the $30,000 mark during its recent bull rally.
• Investors continued to accumulate BTC as long-term holders supply remained near constant.
• On-chain metrics suggest that things could get even better in Q3 for Bitcoin investors.
Bitcoin’s Q3 Could be Favorable for Investors
Bitcoin was trading well above the $30,000 mark, and if metrics are to be believed, things can get even better in the upcoming quarter.
Accumulation Remained Constant Despite Price Increase
As per Glassnode, the long-term holders supply remained near constant across the recent spot price increase. Most metrics were bullish, but BTC’s RSI was in an overbought position.
Previous Market Bottom
AxelAdlerJr, an analyst and author at CryptoQuant, pointed out in a recent analysis about the previous market bottom. According to the analysis, the last market bottom was noted on 13 January. He mentioned “This was the final day when the average Net Unrealized P/L Ratio dipped below 1, suggesting that most market participants would have ended up selling Bitcoin at a loss.“
Bitcoin Price Continues To Rise
At press time , Bitcoin is trading at $30355 with a market capitalization of over $589 billion according to CoinMarketCap . The king of crypto’s last week was bullish as its price rose by 13%, allowing it to cross the $30,000 mark.
On-chain metrics suggest that things could get even better in Q3 for Bitcoin investors so it can be said that bitcoin’s next quarter will be favorable for investors.