{"id":647518,"date":"2024-10-12T04:30:43","date_gmt":"2024-10-12T04:30:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=647518"},"modified":"2024-10-11T17:14:57","modified_gmt":"2024-10-11T17:14:57","slug":"bitcoin-reclaims-62k-analysts-explain-why-the-bull-cycle-is-far-from-over","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-reclaims-62k-analysts-explain-why-the-bull-cycle-is-far-from-over\/","title":{"rendered":"Bitcoin Reclaims $62k: Analysts Explain Why The Bull Cycle Is Far From Over"},"content":{"rendered":"

The Bitcoin ongoing rebound, reclaiming the $62,000 price mark once again today, has sparked renewed optimism in the cryptocurrency community.<\/p>\n

According to a recent analysis<\/a> by CryptoQuant analyst Crypto Dan, the current market is still amid a bull cycle, with promising long-term prospects for Bitcoin holders.<\/p>\n

While the market has faced some short-term turbulence<\/a>, key indicators suggest that more gains may be on the horizon.<\/p>\n

Related Reading: Bitcoin On The Brink: Will $60K Hold Or Is A Major Correction Coming?<\/a><\/div>\n

Bull Run Is Still In Progress<\/h2>\n

Crypto Dan\u2019s insights, shared on the CryptoQuant QuickTake platform, highlight how Bitcoin\u2019s current movement mirrors patterns seen in previous bull cycles. Specifically, Dan noted that long-term investors realized profits twice during the 2013 and 2020 bull markets.<\/p>\n

\"Bitcoin
Bitcoin long-term holders metric. | Source: CryptoQuant<\/figcaption><\/figure>\n

He further pointed out that 2017\u2019s market peak differed, lacking the same period adjustments in other cycles. Dan suggested that if we follow the patterns of 2013 and 2020, the current market could be poised for another significant upswing<\/a>.<\/p>\n

In addition to the cycle comparison, Dan emphasized the global macroeconomic situation, specifically the recent trend of interest rate cuts by central banks worldwide.<\/p>\n

He explained that while liquidity may take several months to return to markets fully, prices typically move ahead of these developments based on investor expectations<\/a>.<\/p>\n

This anticipatory movement could set the stage for significant price increases by 2025, offering long-term investors the potential for substantial gains. The analyst advised:<\/p>\n

If you “invest” through a big frame rather than a short-term picture, you are more likely to get a much better result.<\/p><\/blockquote>\n

Bitcoin Bounces Back, Coinbase Premium Points to Accumulation<\/h2>\n

Meanwhile, Bitcoin has shown signs of recovery after dipping to $58,000 earlier in the week. At the time of writing, the asset is trading at $62,080, marking a 2.4% increase in the past 24 hours.<\/p>\n

\"Bitcoin
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/figcaption><\/figure>\n

This recovery has been met with positive sentiment from the crypto community, especially as other indicators point to the continued accumulation of Bitcoin.<\/p>\n

Another CryptoQuant analyst, Avocado Onchain, provided further insights<\/a> into Bitcoin\u2019s price movements, particularly focusing on the Coinbase Premium, an indicator that measures the difference between Bitcoin prices on Coinbase and other exchanges.<\/p>\n

\"Bitcoin
Bitcoin Coinbase premium gap. | Source: CryptoQuant<\/figcaption><\/figure>\n

Avocado explained that the Coinbase Premium dropped to -100 points, typically a bearish signal. However, Bitcoin\u2019s price has since rebounded, suggesting a positive outlook.<\/p>\n

Related Reading: Bitcoin Price Hope: Mt. Gox Delays Repayment Plan Until October 2025<\/a><\/div>\n

According to the analyst, historically, during bull markets, Bitcoin\u2019s price tends to bounce back after the Coinbase Premium falls below -50. This pattern has held true over the past year, with Bitcoin consolidating within a broad price range<\/a> for the past eight months.<\/p>\n

\"Bitcoin
Bitcoin Coinbase premium gap. | Source: CryptoQuant<\/figcaption><\/figure>\n

Avocado noted that, in a bear market, such negative premiums would typically lead to panic selling<\/a>, yet that has not been the case now. Instead, the data indicates that larger players may be accumulating Bitcoin at lower prices, signalling that the bull market “may not be over.”<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin ongoing rebound, reclaiming the $62,000 price mark once again today, has sparked renewed optimism in the cryptocurrency community. According to a recent analysis by CryptoQuant analyst Crypto Dan, the current market is still amid a bull cycle, with promising long-term prospects for Bitcoin holders. While the market has faced some short-term turbulence, key indicators suggest that more gains may be on the horizon. Related Reading: Bitcoin On The Brink: Will $60K Hold Or Is A Major Correction Coming? Bull Run Is Still In Progress Crypto Dan\u2019s insights, shared on the CryptoQuant QuickTake platform, highlight how Bitcoin\u2019s current movement mirrors patterns seen in previous bull cycles. Specifically, Dan noted that long-term investors realized profits twice during the 2013 and 2020 bull markets. He further pointed out that 2017\u2019s market peak differed, lacking the same period adjustments in other cycles. Dan suggested that if we follow the patterns of 2013 and 2020, the current market could be poised for another significant upswing. In addition to the cycle comparison, Dan emphasized the global macroeconomic situation, specifically the recent trend of interest rate cuts by central banks worldwide. He explained that while liquidity may take several months to return to markets fully, prices typically move ahead of these developments based on investor expectations. This anticipatory movement could set the stage for significant price increases by 2025, offering long-term investors the potential for substantial gains. The analyst advised: If you “invest” through a big frame rather than a short-term picture, you are more likely to get a much better result. Bitcoin Bounces Back, Coinbase Premium Points to Accumulation Meanwhile, Bitcoin has shown signs of recovery after dipping to $58,000 earlier in the week. At the time of writing, the asset is trading at $62,080, marking a 2.4% increase in the past 24 hours. This recovery has been met with positive sentiment from the crypto community, especially as other indicators point to the continued accumulation of Bitcoin. Another CryptoQuant analyst, Avocado Onchain, provided further insights into Bitcoin\u2019s price movements, particularly focusing on the Coinbase Premium, an indicator that measures the difference between Bitcoin prices on Coinbase and other exchanges. Avocado explained that the Coinbase Premium dropped to -100 points, typically a bearish signal. However, Bitcoin\u2019s price has since rebounded, suggesting a positive outlook. Related Reading: Bitcoin Price Hope: Mt. Gox Delays Repayment Plan Until October 2025 According to the analyst, historically, during bull markets, Bitcoin\u2019s price tends to bounce back after the Coinbase Premium falls below -50. This pattern has held true over the past year, with Bitcoin consolidating within a broad price range for the past eight months. Avocado noted that, in a bear market, such negative premiums would typically lead to panic selling, yet that has not been the case now. Instead, the data indicates that larger players may be accumulating Bitcoin at lower prices, signalling that the bull market “may not be over.” Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":647525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,441,629,1119,78790,10923,83531],"class_list":["post-647518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin Reclaims $62k: Analysts Explain Why The Bull Cycle Is Far From Over<\/title>\n<meta name=\"description\" content=\"Bitcoin ongoing rebound reclaiming the $62,000 price mark once again today 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Reclaims $62k: Analysts Explain Why The Bull Cycle Is Far From Over","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-reclaims-62k-analysts-explain-why-the-bull-cycle-is-far-from-over\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-reclaims-62k-analysts-explain-why-the-bull-cycle-is-far-from-over\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/DALL\u00b7E-2024-10-11-16.59.48-A-digital-illustration-showing-Bitcoin-reclaiming-the-62k-level-with-analysts-explaining-why-the-bull-cycle-is-far-from-over.-The-image-features-the.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/DALL\u00b7E-2024-10-11-16.59.48-A-digital-illustration-showing-Bitcoin-reclaiming-the-62k-level-with-analysts-explaining-why-the-bull-cycle-is-far-from-over.-The-image-features-the.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","btc","btcusdt","crypto market","cryptoquant"],"dateCreated":"2024-10-12T04:30:43Z","datePublished":"2024-10-12T04:30:43Z","dateModified":"2024-10-12T04:30:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Reclaims $62k: Analysts Explain Why The Bull Cycle Is Far From Over\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-reclaims-62k-analysts-explain-why-the-bull-cycle-is-far-from-over\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-reclaims-62k-analysts-explain-why-the-bull-cycle-is-far-from-over\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/DALL\\u00b7E-2024-10-11-16.59.48-A-digital-illustration-showing-Bitcoin-reclaiming-the-62k-level-with-analysts-explaining-why-the-bull-cycle-is-far-from-over.-The-image-features-the.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/DALL\\u00b7E-2024-10-11-16.59.48-A-digital-illustration-showing-Bitcoin-reclaiming-the-62k-level-with-analysts-explaining-why-the-bull-cycle-is-far-from-over.-The-image-features-the.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"btc\",\"btcusdt\",\"crypto market\",\"cryptoquant\"],\"dateCreated\":\"2024-10-12T04:30:43Z\",\"datePublished\":\"2024-10-12T04:30:43Z\",\"dateModified\":\"2024-10-12T04:30:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/DALL\u00b7E-2024-10-11-16.59.48-A-digital-illustration-showing-Bitcoin-reclaiming-the-62k-level-with-analysts-explaining-why-the-bull-cycle-is-far-from-over.-The-image-features-the.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/647518"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=647518"}],"version-history":[{"count":3,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/647518\/revisions"}],"predecessor-version":[{"id":647532,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/647518\/revisions\/647532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/647525"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=647518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=647518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=647518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}