Reports suggest that Bitcoin could be on the verge of a major bull run, based on a recent sign. A crypto analyst has identified a metric that indicates Bitcoin (BTC) may soon experience a significant surge in value.
Massive bullish Bitcoin move incoming
The analyst, who hosts InvestAnswers on YouTube and has over 446,000 subscribers, points to a chart from crypto analytics company Glassnode.
He notes that Bitcoin’s low volatility is a positive sign for traders, as it is an indication that now is a good time to be patient with their investments.
The analyst explains that low volatility is often a precursor to a bull market, and Bitcoin has a history of experiencing remarkable surges following periods of low volatility.
In fact, Bitcoin’s current level of volatility is the second-lowest ever recorded, with the only lower level occurring in 2017.
The last time this happened, Bitcoin experienced a bull run that propelled it from $3,000 to $20,000 in just a short period of time.
An analyst has observed that Bitcoin’s recent period of low volatility is similar to previous periods in May 2016, April 2019, February 2013, and November 2020, which were followed by price increases.
Currently, Bitcoin is trading at $29,193 and its low volatility is evident through its minor price fluctuations.
Over the past 24 hours, Bitcoin has dropped by 0.17%, over the past week by 0.91%, and over the past 30 days by approximately 6%.
Another Bitcoin price prediction drops
An individual who is known for analyzing cryptocurrencies, using the name TechDev, has shared that Bitcoin (BTC) could potentially see a substantial increase if a specific key indicator continues to follow historical patterns.
TechDev is currently keeping a close eye on global liquidity cycles, and is doing so by comparing the Chinese 10-year bonds (CN10Y) to the US dollar index (DXY).
Additionally, the analyst has shared more insight on global liquidity cycles by comparing this metric to the aggregate major central bank balance sheet, which monitors the money-printing activities of reserve banks around the world.
