These 4 Trends Show That Bitcoin’s Likely to Move Higher After 20% Drop

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The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon

Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.

There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:

Chart of BTC's price action since the start of July with a Contango Index analysis by crypto trader Byzantine General (@Byzgeneral on Twitter). 
Chart from TradingView.com

On-Chain Data Agrees With This

On-chain data agrees with the bullish sentiment shared  by the aforementioned trader.

Willy Woo, a prominent on-chain analyst, recently commented:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
These 4 Trends Show That Bitcoin's Likely to Move Higher After 20% Drop
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