Bitcoin (BTC) price has technically reached a local top around $73k after registering an impressive rally during the first half of 2024. The flagship coin has signaled further consolidation in the coming months before the inevitable bullish breakout. Furthermore, Bitcoin price closed last week in hammer candlestick, suggesting that the sellers are fast getting exhausted.
Already, the US spot Bitcoin ETFs have registered five consecutive days of small cash inflows, after a brief period of notable outflows.
Is the Bitcoin Bull Market Over?
According to on-chain analysis firm CryptoQuany, the best way to estimate the current state of the Bitcoin market is through the 60-Day Realized Market Capitalization Variance (RCV) metric. The RCV metric measures the two-month change in the realized cap relative to Bitcoin’s market value, thus making it extremely useful for long-term decision-making.
According to the RCV metric, Bitcoin has reached its risk zone, but a possible demand surge around the 0.50 level in the metric could behave similarly to 2017, potentially setting a new long-term high for Bitcoin.
When is the Next Bullish Phase?
According to a popular crypto analyst Aurelien Ohayon, the creator of the XOR automated trading machine, Bitcoin price is gradually mirroring the 2017 macro bull market. As a result, Ohayon is confident that Bitcoin price will register a bullish breakout towards a new all-time high (ATH) in October.
Moreover, October has a strong bullish affinity even in the bear market due to the slung ‘Uptober’. In the next major bullish phase, the crypto analyst has set a long-term Bitcoin price target of beyond $500k.
