bitcoin

5 signs that the real Bitcoin rally may only be just beginning – Cointelegraph


The price of Bitcoin (BTC) has pulled back substantially since its yearly high at $14,149 a few days ago. Yet, there are five signs that the real rally is only just starting.

Rising “HODLing” activity, record-high fundamentals, low retail interest, higher time frame breakout and technical indicators suggest that a bigger bull run may be brewing. 

Higher time frame breakout

Bitcoin has dropped over 6% from its local peak at over $14,000, a level it hasn’t tested since 2017.

But on the weekly and monthly time frames, it recorded a clear breakout. It saw the first weekly and monthly candle close above $13,000 for the first time in nearly three years.

The weekly price chart of Bitcoin. Source: TradingView.com

As Cointelegraph previously reported, the monthly chart shows Bitcoin is far above key moving averages. Technically, that means the momentum is still intact but a healthy pullback could be beneficial.

Google Trends activity and social volume are still low

During the peak of a bull run, the Google Trends activity for the keyword “Bitcoin” skyrockets as retail demand floods in. When the market sentiment becomes euphoric, whales tend to take profit, causing the market to decline.

In the past several months, despite the strong rally of Bitcoin, Google Trends activity has been low. This indicates that not a lot of retail investors are searching about the dominant cryptocurrency on Google.