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Bitcoin Fall: Is This The End Of The Bull Run?

While 2021 started out as a promising year for Bitcoin, the last 7 days has shown a fading bullish rally. The price action on the charts as enabled the flagship cryptocurrency to register new ATHs. Bitcoin has refaced all the way from around $42k to $31,924, where it stood at 5:40 PM GMT press time.

The reversal poses two questions: does this reversal signal the end of the bull run? Or does it mean a wider scale correction similar to what happened in January 2018? Or as many traders would see it, is Bitcoin stabilizing above its previous ATH and maintaining much of the gains it raked up since December 2020?

Social volume show positive outlook

It appears that Bitcoin’s social volume metric can help elaborate what happened with the world’s largest cryptocurrency enduring a price correction amounting to close to 10%.

The data by Santiment shows that as Bitcoin fell to $31.1k, it’s social volume, a measure to determine the market sentiment and where the price will head in the short term, increased and registered a 6-day high. Considering that the interest in Bitcoin enjoyed a boost from retailers and institutions in the past few months, it wasn’t surprising to see that many traders and investors saw the price dip as an opportunity to buy more of the pioneer cryptocurrency.

Despite this positive outlook to the dip, there have been certain caveats. It was noticed that since the dip by Santiment that there have been sudden surge in negative commentary around Bitcoin. What this means is that while there’s a building in the cryptocurrency, negative outlook will also see increase as a bigger price correction cannot be overlooked. Although it doesn’t look like the price of the king cryptocurrency will fall to the November 2020 valuation, a dip below the $30k mark cannot be ignored as unlikely.

Another thing to consider about the fate of Bitcoin in the coming weeks are Hodlers. According to Glassnode’s Liquid Supply Change charts for Bitcoin, the crypto’s price continues to be fairly secure. The chart shows that a large dip is highly improbable.

The data shows that the pioneer cryptocurrency is seeing the largest depletion of liquidity in a few years. A majority of Bitcoin being moved from exchanges into non-exchange entities that are to be hodled for long period of time.

In December alone, a whopping sum of 270,000 Bitcoins have been moved to entities considered HODLers. With action by large Bitcoin accounts that continue to hodl, Bitcoin will see occasional dips and corrections. It’s credible, however, that the bullish rally will continue alongside price stabilizations.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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source https://www.earnforex.com/commodities/bitcoin-fall-is-this-the-end-of-the-bull-run/