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Bitcoin Surges Over 12% to $35,000: Is the Next Bull Run Here?
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Bitcoin experienced a significant breakout today, with the price skyrocketing over 12% and reaching $35,000. This surge has led market analysts to speculate that it could be the beginning of the next Bitcoin bull run, which is expected to occur before the next halving in mid-2024.
According to on-chain data, nearly 80% of Bitcoin holders are currently in profit. As Bitcoin effortlessly surpassed the $30,000 mark, this percentage reached a level not seen since the peak of the 2021 bull market. While this is good news for investors, it also increases the risk of profit booking.
Fortunately, on-chain data from IntoTheBlock suggests that there are no significant resistance levels in sight as Bitcoin approaches $40,000. Additionally, the $30,000 level is expected to serve as strong support in case of a pullback.
In line with bullish trends, there has been a 27% increase in BTC holdings by short-term traders over the last month. This is a common occurrence during bullish phases as these traders and newcomers actively acquire Bitcoin while its value continues to rise.
MicroStrategy, the largest corporate holder of Bitcoin, has also benefited from the recent price rally. With Bitcoin surpassing $30,000, MicroStrategy’s Bitcoin holdings have turned profitable once again. This marks their third profitable period this year and positions them for potential gains during the next bull run.
However, despite these positive indicators, there are still resistance levels ahead for Bitcoin. According to the UTXO Realized Price Distribution (URPD) model, major resistance levels are projected at $38,440 and $47,360.
While many retail players have joined this FOMO rally driven by ETF hype, some analysts caution that it could lead to significant price corrections. They point out that in past bear market cycles, Bitcoin has experienced surges of over 200% before eventually dropping to new lows. Additionally, the substantial increase in newly minted Tether should be noted.
In light of these uncertainties, it is advised to either take profits or wait on the sidelines for now. It is essential to conduct thorough market research before investing in cryptocurrencies and be aware that the presented content may include personal opinions and is subject to market conditions.
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