Bitcoin [BTC]A tug of war and a bull may make traders wait for a long time

Bitcoin [BTC]A tug of war and a bull may make traders wait for a long time

The entire crypto community is getting excited like Bitcoin [BTC] Recorded a slight increase in the past few days. This development gave investors hope for a possible rally in the coming days. The value of Bitcoin has increased by more than 5% in the past seven days.

Moreover, at the time of writing, BTC is trading at $20,199.18 with a market capitalization of $386,873,518,560. However, many analysts and influencers point out that the excitement may also turn into misery. They also anticipate a possible bear market condition in the coming days.

Warning, you may find bears in the future

BaroVirtual, an author and analyst at CryptoQuant, has posted a Analytics It indicates a decrease in the price of BTC. In his analysis, he points to something interesting that supports the above possibility.

According to the data shown, the current value of miners’ remittances to spot exchanges (hourly) was 10.4537 as of September 14. This number was a sign of bears as previous records indicated that an increase in miners’ remittances to spot exchanges was often followed by a drop in the price of BTC.

Source: CryptoQuant

Interestingly, a similar prediction was made by Mac, a popular crypto influencer on Twitter. A Twitter user shared his thoughts that BTC could drop to $17,000 in the coming days.

But BTC just crossed the $20,000 mark…

Although these analyzes and forecasts pointed to dark days ahead for the coin, many on-chain metrics indicated that things were in favor. BTC. For example, the supply of BTC that has lasted for more than 10 years has reached an ATH of 2,516,080.091 BTC. This represents increased investor confidence in the currency.

Moreover, the volume of Bitcoin exchange flow (7d MA) reached its highest level in one month, which can be seen as a sign of the bulls. BTCaSOPR was also green, indicating a potential market bottom. This also indicated the upcoming upward trend.

Source: CryptoQuant

Not only did the on-chain metrics look bullish, but Mustache, a popular crypto influencer, also expressed his opinion regarding the current state of the market. He stated in his tweet that he believes the market will rise in the near future.

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