Bear Market Over? Why Bitcoin Could Soar To $45K As Strong Holders Grow

Bitcoin has retaken the highs of its current range. The first cryptocurrency by market cap trades at $41,300, at the time of writing, with a 6% and 23.8% profit in the daily chart. The general sentiment in the market has flipped bullish, the fear and greed index signals greed for the first time in months. Other indicators, as many experts have pointed out, suggest a definite shift in the market. The bulls could see more green days in the coming weeks. Data from Glassnode, provided by the CIO of Moskovski Capital Lex Moskovski, recorded an increase in the amount of Bitcoin held by “strongest holders”. According to the Illiquid Supply metric, these holders have risen to an all-time high and suggest “bullish” price action. Charles Edwards, a founder at Capriole Investments, revealed an increase in long-term Bitcoin holders. According to the HOLD Waves metric, these types of investors have been growing their supply since the May 2021 crash. Edwards added: This type of sharp rise never occurred in the early stages of prior bear markets, suggesting that there is a chance the Bitcoin bull-cycle is still intact. Additional data provided by Edwards indicates that exchanges platforms had their “first positive outflows” since last week when Bitcoin made a run from its yearly open at around $29,000 to its current levels. This metric suggests that the demand in the crypto market could be returning and could support further appreciation. Da...