Bitcoin [BTC] went as little as $17k in 2022, shedding greater than 70% from its all-time excessive. This prompted many crypto pundits and analysts to announce the start of the crypto winter, which might suggest a protracted bear market.
Nonetheless, with everybody anticipating one factor, it’s extra seemingly the market will do exactly the other. That’s precisely the case right here.
Truth test
Bitcoin, the most important cryptocurrency witnessed the same occasion this month.
BTC’s largest July transactions primarily occurred throughout the backside, which implies that dominant patrons, whales took to alternative to purchase the dip at a reduced fee.
At current, transaction quantity is starting to normalize as seen within the graph above. This might imply that the patrons already purchased the dip because the community showcased some indicators of restoration.
Nonetheless, right here’s an fascinating narrative as highlighted by the analytical agency, Santiment.
July has been headlined by a brand new Bitcoin handle (35PPdr9CSZuqwi2S7vj9ResHQCVTsYuB3z) receiving 50.56k BTC on 8 July. Certainly a constructive signal for Bitcoin.
The truth is, the mentioned handle went from being worth $0 to $1.178 billion attributable to that transaction. That is far rarer than a $1 million transaction, and one of many largest of the 12 months.
Did this assist the community? Properly, sure, it actually performed an element to mellow down the ‘shorting’ narrative.
BTC blasted off (>15%) proper when merchants aimed to brief the community on the highest fee in almost 4 months.
BTC had an awesome rebound in July. Despite the fact that the profit-taking exercise maintained a modest/neutral rate as in comparison with altcoins akin to ETH, the on-chain transaction quantity in revenue to loss ratio narrowed all the way down to a bullish image.
Any considerations?
Every thing comes down to 1 aspect- Can the BTC market maintain this uptick (trajectory). Or, this bearish section will proceed to see new developments?
Properly, one of many largest names within the crypto-verse selected the latter. Grayscale’s “Bear Markets in Perspective” report suggested that the present bear market would possibly final for an additional 250 days.
At press time, BTC suffered a recent correction because it slid to the $22.8k mark. Might the aforementioned prediction come true? Solely time can reply.