Bitcoin (BTC) is printing conflicting signals about when the next bull market will kick off, according to metrics shared by two different crypto analytics firms.
Santiment says that BTC continues to have a high correlation with the S&P 500, which the firm notes “limits the likelihood of an upcoming bull run.”
Messari, on the other hand, notes that Bitcoin moving averages recently materialized into a golden cross. Golden crosses happen when an asset’s 50-day moving average crosses above its 200-day moving average, and Messari says that it “historically foreshadows positive returns” across six-month and one-year timelines.
Bitcoin is trading at $21,684 at time of writing. The top-ranked crypto asset by market cap is down 0.73% in the past 24 hours and more than 7% in the past week, though it still remains up about 30% since the start of 2023.
Fellow crypto analytics firm Glassnode notes that Bitcoin’s HODLer net position change reached a three-month month high of 49,473.346 BTC. HODLer Net Position Change measures the monthly position change of long-term investors, meaning such investors have spent the past month accumulating BTC.
Glassnode also says the seven-day moving average of Bitcoin’s mean transaction size also reached a five-year high of 986.575 BTC on Friday.
Despite Bitcoin’s price gains this year, it remains down more than 68% down from its all-time high of around $69,000, which it hit in November 2021.
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