Continuing to rise after the bank crashes in early March, Bitcoin reached $28,500, reaching its highest level in the last nine months.
While some analysts consider these rises to be a bullish start, some analysts believe that there may be a correction from these levels to $25,000.
Evaluating these rises in Bitcoin, Blockchain analysis company Glassnode stated that BTC is gearing up.
“Bitcoin has outperformed this week with a 35.8% gain against the backdrop of challenging conditions for the traditional financial and banking system.
We see Bitcoin stepping up and coming out of the deep bear market zone.”
Stating that the monthly average number of transactions in Bitcoin reached 309.5 thousand per day this week, Glassnode pointed out that BTC network activity has increased, similar to the first phase of previous bull periods.
Glassnode also argued that increasing Bitcoin network activity is strong evidence that BTC could be in the first phase of the bull season.
Stating that network congestion and transaction fees increase with the increasing number of transactions, Glassnode said that these are other evidence for the beginning of the bull.
Evaluating the MVRV rate, which compares the value of BTC with its market value, Glassnode stated that the MVRV rate has increased to 1.36, and that the discounted prices in Bitcoin have ended.
Pointing out that most Bitcoin investors are still not selling even though they are in profit, Glassnode argued that this is proof that long-term investors have embraced the BTC rally.
“Many long-term investors seem motivated to make more profits on this rally.
This is a reflection of remarkable power and beliefs about the important role of Bitcoin in the future of the global financial system.”
Bitcoin, which has risen by 8% in the last week, continues to be traded above $ 28,000.
*Not investment advice.
