Analyst Identifies Bitcoin Rally as Strongest Pre-Bull Cycle Yet

11:28 pm
February 28, 2024
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The cryptocurrency community is buzzing with excitement as Bitcoin’s price surges, showcasing remarkable strength by surpassing the $59,000 mark, a level not reached in over 26 months.

Strong Start to the Biggest Bull Cycle Ever

Bitcoin’s current rally has caught the attention of analysts who are hailing it as the inception of the most significant bull cycle to date.

Renowned analyst and trader Crypto Jelle has labeled the recent surge as the “strongest start to a new cycle,” pointing to Bitcoin’s breakthrough of the 0.618 Fibonacci retracement as a key indicator. According to Jelle, this move before the Bitcoin Halving event is unprecedented, signaling a potential shift in market dynamics.

BTC showing the strongest pre-bull cycle
BTC showing the strongest pre-bull cycle | Source: Crypto Jelle on X

Jelle predicts a new era in the cryptocurrency landscape, indicating that the market is evolving into uncharted territories, leading to exciting prospects ahead.

In a statement, Jelle expressed confidence in Bitcoin’s unstoppable momentum, emphasizing its recent 2% surge as evidence of its resilience.

Bitcoin ETFs Experience Significant Inflow

According to research firm BitMEX, there has been a substantial increase in daily inflow into Bitcoin Spot ETFs, with a total of 10,167 BTC worth $576.8 million entering the market.

The report highlights that a significant portion of these inflows, particularly $520 million, came from Blackrock’s iShares BTC ETF (IBIT), marking the highest influx since the ETF’s approval.

Currently, Blackrock holds over 141,000 BTC with a net inflow exceeding $6.5 billion. Bitcoin’s price sits at $59,254, reflecting a growth of more than 4% in the last 24 hours.

BTC’s price trends on the daily chart
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

Disclaimer: This article is for educational purposes only and does not constitute investment advice. Investing in cryptocurrencies carries risks, and individuals should conduct their own research before making any financial decisions.

Frequently Asked Questions (FAQs)

What is the significance of the current Bitcoin rally?

The current Bitcoin rally is being touted as the strongest pre-bull cycle yet, indicating the potential for a significant uptrend in the cryptocurrency market.

How are Bitcoin ETFs performing amidst the rally?

Bitcoin ETFs are seeing a massive inflow of funds, with Blackrock’s iShares BTC ETF leading the pack with a substantial increase in investments.

Is it advisable to invest in Bitcoin during this rally?

Investing in Bitcoin or any cryptocurrency carries risks. It is recommended to conduct thorough research and consider the volatility of the market before making investment decisions.


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