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Home Bitcoin

Bitcoin to enter a 300-day bull run? What this key indicator reveals

May 22, 2024
in Bitcoin
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Bitcoin to enter a 300-day bull run? What this key indicator reveals
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  • Bitcoin’s Open Interest surged 9% on the weekly moving average.
  • Technical analysis and short-term holder profits showed a bullish breakout was highly likely.

Bitcoin [BTC] could enter a 300-day bull run, according to crypto analyst Axel Adler. Data from CryptoQuant for the Short-term holder profits, he stated that the bull market was in full swing.

With prices just 4.2% below the $73.7k ATH from two months ago and the halving event past us, the buying pressure might be trending higher here on.

The Open Interest suggested that there is more room for prices to grow.

Assessing the previous peaks and what they forecast for the future

Bitcoin STH SOPR

Source: Axel Adler on X

The 90-day SMA for the short-term holder spent output profit ratio (STH SOPR) peaked at 1.064 in January 2018 and at 1.057 in March 2021. This suggested that the STH profit peak range is at 1.064-1.057.

At press time, the STH SOPR’s 90-day moving average was at 1.015.

This indicated that there’s more room for gains and the top was very likely not in. Additionally, there were 291 days between the SOPR 90DMA reaching 1.015 and the cycle peak.

However, there were only 105 days between the same values in the 2020-21 cycle. Hence, we might be in for anywhere from three to twelve months of a bull run.

BTC Open Interest

Source: Axel Adler on X

The analyst also pointed out that 7-day moving average of the Open Interest was only up 9% during the recent move.

By comparison, the 2024 January one had 20%, with the 2021 run also seeing multiple OI 7DMA moves close to 20%.

See also  Bitcoin: Why a price prediction of $58K isn't totally out of question

Taken together, both observations support the idea that the Bitcoin market has only begun to rally.

What are the resistance levels to watch out for past the ATH?

BTC D1 TradingView Chart

Source: BTC/USDT on TradingView

The local range (purple) and imbalance (white) were both convincingly broken. The high at $73.7k could be swept aside soon if the momentum continues.

The RSI has not yet pushed past 70, which would be a strong sign of BTC bullish dominance near the all-time high.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The CMF surged past +0.05 to denote significant capital inflow and increased demand.

The Fibonacci extension levels (pale yellow) showed that $79.2k, $88.1k and $97k are the next resistance levels to watch out for.

Next: Bitcoin mining – Here’s why this group is still holding as BTC falls below $70K

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  • Bitcoin’s Open Interest surged 9% on the weekly moving average.
  • Technical analysis and short-term holder profits showed a bullish breakout was highly likely.

Bitcoin [BTC] could enter a 300-day bull run, according to crypto analyst Axel Adler. Data from CryptoQuant for the Short-term holder profits, he stated that the bull market was in full swing.

With prices just 4.2% below the $73.7k ATH from two months ago and the halving event past us, the buying pressure might be trending higher here on.

The Open Interest suggested that there is more room for prices to grow.

See also  Michael Saylor says 'Buy Bitcoin!' to NBA legend Scottie Pippen: Why?

Assessing the previous peaks and what they forecast for the future

Bitcoin STH SOPR

Source: Axel Adler on X

The 90-day SMA for the short-term holder spent output profit ratio (STH SOPR) peaked at 1.064 in January 2018 and at 1.057 in March 2021. This suggested that the STH profit peak range is at 1.064-1.057.

At press time, the STH SOPR’s 90-day moving average was at 1.015.

This indicated that there’s more room for gains and the top was very likely not in. Additionally, there were 291 days between the SOPR 90DMA reaching 1.015 and the cycle peak.

However, there were only 105 days between the same values in the 2020-21 cycle. Hence, we might be in for anywhere from three to twelve months of a bull run.

BTC Open Interest

Source: Axel Adler on X

The analyst also pointed out that 7-day moving average of the Open Interest was only up 9% during the recent move.

By comparison, the 2024 January one had 20%, with the 2021 run also seeing multiple OI 7DMA moves close to 20%.

Taken together, both observations support the idea that the Bitcoin market has only begun to rally.

What are the resistance levels to watch out for past the ATH?

BTC D1 TradingView Chart

Source: BTC/USDT on TradingView

The local range (purple) and imbalance (white) were both convincingly broken. The high at $73.7k could be swept aside soon if the momentum continues.

The RSI has not yet pushed past 70, which would be a strong sign of BTC bullish dominance near the all-time high.


Read Bitcoin’s [BTC] Price Prediction 2024-25

See also  VanEck: Why a Kamala Harris presidency could be better for Bitcoin

The CMF surged past +0.05 to denote significant capital inflow and increased demand.

The Fibonacci extension levels (pale yellow) showed that $79.2k, $88.1k and $97k are the next resistance levels to watch out for.

Next: Bitcoin mining – Here’s why this group is still holding as BTC falls below $70K
Tags: 300dayBitcoinBullenterIndicatorkeyrevealsRun

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Empowering Developers to Build ZK-Powered L2s on Ethereum

Empowering Developers to Build ZK-Powered L2s on Ethereum

November 3, 2023
Degen Ethereum NFT collection Mfers gets an animated short

Degen Ethereum NFT collection Mfers gets an animated short

March 6, 2025
70% PEPE investors ‘out of the money,’ but is a reversal coming?

70% PEPE investors ‘out of the money,’ but is a reversal coming?

February 6, 2024
CryptoPunks Dominate Top NFT Sales with $147K Transaction

The 7 Most Explosive NFT Collections of the Week

January 4, 2025

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