Here’s why Bitcoin is closer to the greatest bull market of all time
- Mike McGlone of Bloomberg Intelligence is bullish on Bitcoin despite short-term charts.
- Analysts believe Bitcoin price has successfully retested its 200-day Moving Average as support, ready for a massive rally.
- A key indicator of previous Bitcoin price rallies entered the “green zone,” implying the start of a prolonged bullish phase for the asset.
Bloomberg Intelligence strategists are eyeing a potential Bitcoin bull run in the second half of 2022, according to Mike McGlone. Several indicators that predicted previous Bitcoin price rallies had hit similar levels as seen before a bull run begins.
Also read: This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent
Bitcoin will outperform most assets in H2 2022, argue analysts
As analysts eye the potential performance of Bitcoin over the next six months of 2022, strategists at Bloomberg Intelligence do not doubt that BTC is ready for a price rally. Irrespective of short-term price action, Mike McGlone is bullish on Bitcoin price. Bitcoin is still on track to deliver nearly 20% gains in July 2022. This is a stark contrast throughout 2022.
Analysts note that Bitcoin’s breakout to six-week highs on July 21 is the precursor and predict a breakout in the asset. In its monthly close, analysts identified the Bart Simpson formation, a short-term chart pattern that indicates a sharp price rally in Bitcoin.
Based on on-chain data, Bitcoin is currently in the accumulation phase, and indicators like market value to realized value (MVRV) and long-term moving average crossovers signals are positive signs for a rally in the asset.
Analysts consider the Puell Multiple a signal that Bitcoin is currently undervalued. Puell Multiple is an indicator that tracks the number of Bitcoins sold by miners in relation to the asset’s fair valuation.
Puell Multiple dropped below 0.5 and entered the green zone, an indicator of previous Bitcoin price rallies. Analysts at Blockware Intelligence commented,
entering the green zone is a good time to average in.
Analysts identified Bitcoin is on a bullish streak
Analysts at FXStreet evaluated the Bitcoin price trend and predicted a rally in the asset. For key price levels and information, check the video below:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
