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Bitcoin is beginning to show signs of recovery signs this month with the crypto on track to post a monthly gain of around 19 percent this month. According to a Bloomberg Intelligence strategist believes that the crypto’s future price action may be much more bullish than the short-term charts and that BTC is on the verge of one of its “greatest bull markets.”
In July, Bitcoin managed to reverse its negative price movements in recent months. At the time of writing, BTC traded at $23,716.35 based on Coinmarketcap data, which means that the crypto gained $4.296.30 or 22.12 percent from its price of $19,420.05 at the start of the month.
Meanwhile, Bloomberg Intelligence senior commodity strategist Mike McGlone, believes that Bitcoin is going to fare better in the coming months ahead. In fact, the strategist thinks that BTC is poised for another rally in what he describes as one of the “greatest bull markets” for the crypto, according to Cointelegraph.
“July marked the steepest discount in #Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover,” McGlone posted on Twitter on July 31. “I see risk vs. reward tilted favorably for one of the greatest bull markets in history.”
Earlier, the strategist said the latest Fed data might be the catalyst for Bitcoin to resume what it is notable for – outpace most assets. “Federal Reserve Chairman Jerome Powell's ‘meeting by meeting’ comment may mark the pivot for Bitcoin to resume its tendency to outperform most assets,” McGlone posted on July 29. “New and untested are becoming past tense fast for the benchmark crypto, likely in the early recovery days from a severe drawdown.”
Indeed, some analyst have also concluded that Bitcoin’s bear market is already over. For instance, independent analyst Miles Johal’s research into data that tracked the amount of Bitcoin supply dormant for one year or more was able to detect a pattern wherein a “rounded top” formation in hodled BTC always signaled the ending of a bearish cycle.
This happened when the bear markets in 2012, 2015, and 2019. The same pattern is now in the process of completion, signaling the end of the current bear market.
