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Bitcoin Is Ready for a Bull Run Despite Uncertainty | Investing com


By Ulrik LykkeCryptocurrencyJul 07, 2023 02:56AM ET

Global markets are still facing headwinds, with the latest Fed revealing that the decision to pause the 10-month consecutive rate hike was vigorously debated.

Following the hawkish sentiment of the Fed, interest rate futures have risen significantly this week, now pricing in a 94% chance of a 25 bps rate hike in July and a 10% chance of three more hikes this year.

Job Markets are Still Hot

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Benjamin Cowen

While debates of a recession are still debated, the latest US job  disclosed 497,000 new jobs in the private sector - More than double what was anticipated by Dow Jones analysts.

Interestingly, the stock market has managed to perform well despite the uncertainty. The and have both recorded extremely positive gains year-to-date, with the former up 14% and the latter impressively gaining 30.8%.

Bitcoin Ripe for Another Bull Run?

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Aimstone

, the pace-setter of the digital asset market, is displaying considerable strength and signaling that the range between $29.5K to $31.5K could serve as another accumulation zone before the next leg up.

Bitcoin Price Chart

Bitcoin Price Chart

The long-term BTC price chart shows a pattern that could align well with previous market cycle bottoms.

Moreover, there are several trends that are particularly intriguing to observe, as they have historically indicated the start of a bull market. These include:

  1. Bitcoin's correlation with US stocks continues to decrease.

  2. BTC’s increased market dominance compared to other digital assets.

  3. Computational power on the Bitcoin network continues to rise.

  4. Long-term HODL’ers continue to accumulate BTC with the highest number of wallets containing 0.1 and 1 BTC ever recorded.

  5. Continued commitments from major institutional players continue to surface.

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