Analyst: Bitcoin Moving Towards Full-Fledged Bull Market
An analyst known as Credible Crypto suggests that Bitcoin may be entering a full-blown bull market. In a video update, the analyst explains that traders using leverage on the perpetual futures market are leading the BTC rally. Although this may not be the healthiest way to sustain an uptrend, it could indicate a transition into a full-fledged bull market. The analyst also notes that spot market buyers are supporting the rally by absorbing any price pullbacks. Currently, Bitcoin is trading at $41,676, showing a 4% increase in the past day.
Hot Take
Bitcoin appears to be making significant progress towards a full-fledged bull market. The use of leverage by traders on the perpetual futures market is driving the current rally, indicating a potential shift in market conditions. While this may not be the healthiest way to sustain an uptrend, spot market buyers are stepping in to support the rally and prevent further price declines. This combination of factors suggests that Bitcoin is transitioning into a stronger bull market phase. With Bitcoin trading at $41,676 and showing positive momentum, it will be interesting to see how this trend continues.
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