Bitcoin: Evaluating the current market conditions in the wake of FUD

ambcrypto.com:

Bitcoin has undergone substantial price fluctuations in the past few months. This has raised speculations about its future prospects. However, data from CryptoQuant suggests that Bitcoin could now be in a bull market. And this might continue for a while.

Read Bitcoin’s Price Prediction 2023-2024

CryptoQuant’s cycle indicator has been on the rise in recent days. This suggested a positive outlook for BTC.

Additionally, short-term Bitcoin holders have started to make a profit, with data from CryptoQuant showing a 7.6% increase in profits over the past few months. This is yet another sign that shows- BTC is entering a bull market.

Source: Crypto Quant

However, a contrarian view was noted of late. In recent days, Bitcoin’s exchange inflow went up with a significant portion of the surge coming from whales and miners. This has led to the highest levels of inflow seen in 2023.

Source: CryptoQuant

Meanwhile, at press time, the amount of HODLed BTC reached a 5-year high of 7.6 billion BTC. The activity on the network started to surge as well, mainly due to the success of inscriptions and ordinals. Consequently, the overall fees collected on the Bitcoin network started to rise.