Analysts say that if the price of Bitcoin remains above six figures, multiple technical indicators and market data point to a sustained bull run.

According to a recent post by CryptoQuant researcher Axel Adler, the current price of Bitcoin has surpassed the $100,000 mark, while its realized price, reflecting the market cost basis, is approximately $45,000, with an annualized return rate as high as 36%-85%.

At the same time, the annualized return corresponding to the 30-day Simple Moving Average (SMA) is also between 35% and 40%, indicating that the bull run is expected to continue with strong fundamental support.

The Glassnode report shows that Bitcoin's actual market value increased by nearly $30 billion after April, with a monthly growth rate of about 3%. Although this growth indicates that capital inflow is increasing, the pace is still below the strong growth momentum expected in November and December 2024.

Glassnode also observed that as the actual price of Bitcoin's long-term holders (LTH) has risen to $45,340, it indicates that users who purchased Bitcoin at higher prices early on have gradually become long-term holders, which has alleviated the selling pressure in the market and maintained bullish sentiment.

Meanwhile, CryptoQuant analysts pointed out that retail investors are returning to the Bitcoin market. From April 28 to May 13, the purchasing volume of small retail investors with asset balances below $10,000 increased by 3.4%. Their return reaffirms that market confidence is recovering and may create a positive feedback loop, further strengthening bullish sentiment.

Despite Bitcoin cooling off after reaching an intraday high of $104,000 on Wednesday, the price remains above six figures. According to CoinGecko data, BTC has risen 20% over the past month and is currently just 6% away from the historical high of $109,000 in January.

Analyst Tony Severino stated that once Bitcoin's weekly closing price breaks out of the range and surpasses the upper Bollinger Band, it will indicate that market demand remains strong, suggesting a potential for a strong closing in the next two weeks (by the end of May).

In summary, analysts believe that market confidence in Bitcoin is recovering, retail investors are returning, and long-term holders are gradually accumulating. The market performance looks promising ahead!

Do you agree with the analysts' opinions? Do you think Bitcoin can break its historical high by the end of May? Leave your thoughts in the comments!

#比特币市场分析 # technical indicator #market confidence