Bitcoin Code has reached a low point in recent weeks and has entered a trading range between $10,000 and $11,000.
On a macroeconomic basis, not all analysts are convinced that Bitcoin Code is in a full-fledged bull market.
There are a number of resistances above the current Bitcoin Code price that could mark highs of a medium-term recovery.
Nevertheless, there are key on-chain indicators that suggest that the crypto-currency has room to move up.
One such indicator, which formed in 2017 before a 1,500% upturn, has returned.
There are also fundamental trends that indicate that the ball is currently firmly in the bulls court.
Critical On-Chain-Bitcoin Code-Indicator shows: A strong rally is coming
Ki Young Ju, CEO of CryptoQuant, believes that Bitcoin Code is probably on the verge of a full-fledged bull run, as the mining ecosystem is causing a number of bull signals to flash up.
On September 24 he split the chart below and commented that Bitcoin Code Miners expect an imminent bull run. The same signal appeared in early 2017 – before a parabolic rise.
If the $Bitcoin Code miners are still setting the price, the next bull run should start soon. The MPI (Miner Position Index) has a very high hit rate in predicting the bull/bear market when macro factors such as the stock market are not significant.
Should history repeat itself, Bitcoin Code is on the verge of a parabolic rally that should take the coin above the previous all-time high of $20,000.
Graph of Bitcoin Codes macro price action with an index analysis of the Miner position by Crypto-On-Chain analyst and CryptoQuant CEO Ki Young Ju. Chart from TradingView.com
Basics are better than ever
Aside from pure on-chain data, analysts believe that the fundamentals of Bitcoin Code are stronger than ever. This confirms the expectation that the crypto-currency market will experience a strong upward trend.
Raoul Pal, CEO of Real Vision, comments on the fundamentals of Bitcoin Code as follows:
Most people do not understand the latter, but simply put, Powell has shown that there is a ZERO tolerance to deflation, so they will do EVERYTHING to stop it, and that is good for the two hardest assets – gold and Bitcoin Code. Powell WANTS inflation. I dont think hes gonna get real demand push inflation, but hes gonna get fiat devaluation, in conjunction with the other central banks, who are all on the same mission.
Others like Pal join in this optimistic mood. They believe that Bitcoin Code is ready to rise higher due to the enormous amount of monetary policy and monetary stimuli among other geopolitical and monetary trends.