Is the encryption market going bullish? A quick look at 7 bullish indicators

特邀专栏作者

2023-08-08 11:15 (UTC+8)

This article is about 603 words, reading the full article takes about 1 minutes

When will the bull market come, opinions are divided. There are many speculations about the bull market in the cryptocurrency market, and the 7 different dimension indicators mentioned in this article seem to be indicating that the market will usher in a "big bull" market.

AI Summary

Expand

Original author: Cole Garner, Crypto KOL

Original translation: Felix, PANews

The Bitcoin and cryptocurrency market appears to be gearing up for a bull market, and Crypto KOL Cole Garner has listed 7 bullish indicators.

Whale Accumulation

Data research company Jarvis Labs has been pointing out the accumulation pattern of whale wallets since May.

The accumulation trend of whales is a pillar of a bull market, and below is another (very different) indicator about whales.

Nansen's Smart Money Indicator

Nansen's smart money indicator shows that smart money is not making much profit but accumulating ETH.

Asian Market

When buyers dominate the Asian trading session, BTC and ETH prices tend to rise. It has been almost always the case during major bull markets in the past. The time when the Asian market starts selling is typically near the market top. The author has built an algorithm to test the current dynamics of the market (the author will soon open source the algorithm), and the test shows that the Asian market is currently in a buying phase.

Bitcoin to Stablecoin Ratio

The Bitcoin to stablecoin ratio on Bitfinex tends to sharply increase a few weeks before the start of major Bitcoin bull markets.

Asset Rotation Aperture

Bitfinex's Asset Rotation Aperture indicator can track the delta of cumulative trading volume and open interest delta for multiple assets in parallel. Currently, all three indicators are bullish.

Bitfinex BTC Long Margin (shown in the dark yellow color in the image below)
Bitfinex BTC Long Margin / Short Margin (shown in the green color in the image below)
Bitfinex Spot BTC (shown in the light yellow color in the image below)

Stablecoin Market Cap

The stablecoin market cap ratio is currently bullish, but it may continue to move sideways indefinitely.

However, the stablecoin market cap ratio is being held back relative to its logarithmic trendline, which is one of the most important resistance levels in the crypto market (in reverse, resistance levels function like support levels). To enter a full-blown bull market, the logarithmic trendline may need to be broken (which is entirely possible).

Summer Bull Markets

Looking back at the crypto market trends over the past decade, upward trends often occur during the summer. It is expected that a major shakeup will come, but it may have to wait until September. The market should still have a few weeks left.