Bitcoin: Evaluating the current market conditions in the wake of FUD

Short positions against Bitcoin rise as the MVRV ratio increases.

has undergone substantial price fluctuations in the past few months. This has raised speculations about its future prospects. However, data from CryptoQuant suggests that Bitcoin could now be in a bull market. And this might continue for a while.CryptoQuant’s cycle indicator has been on the rise in recent days. This suggested a positive outlook for BTC.

Additionally, short-term Bitcoin holders have started to make a profit, with data from CryptoQuant showing a increase in profits over the past few months. This is yet another sign that shows- BTC is entering a bull market.However, a contrarian view was noted of late. In recent days, Bitcoin’s exchange inflow went up with a significant portion of the surge coming from whales and miners. This has led to the highest levels of inflow seen in 2023.Meanwhile, at press time, the amount of HODLed BTC reached a 5-year high of 7.6 billion BTC.

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