Bitcoin (BTC) Bull Run is Just Prepping Up, Claims Analyst

A crypto analyst and pundit, William Clemente, suggested that the bull trend for the world's largest crypto, Bitcoin, is just starting.

He also noted that various indicators back up his claims. There are other notable facts to back up his claims about the forthcoming bull run of the blockchain giant.

Crypto Analyst's Prediction of the Bitcoin Price

According to a notable cryptocurrency analyst, the world's biggest cryptocurrency by market capitalization may be preparing for another bull run.

The analyst, Arman Shirinyan, took to Twitter yesterday, forecasting the crypto price. This information emerged after a recent retracement from the steady market price for Bitcoin. It is currently trading above the $30,000 level.

Clemente's price projection is based on analyzing the Long-Term Holder (LTH) MVRV technical indicator. LTH MVRV is a metric that detects possible cycle-reversal locations for Bitconi on the chart.

The Market-Value-to-Realized-Value ratio (MVRV) compares the market value (MV) of all tokens being circulated to the realized value (RV) of all tokens in circulation.

The Long-Term Holder (LTH) version of the indicator mainly targets coins held for a longer duration, providing deeper information into the behavior of long-term investors.

The analyst believes that the present information of the LTH MVRV predicts that the ongoing bull run hasn't reached any point to turn back.

Also, as historically proven, this proves to be valuable in projecting the tops and bottoms of the market. Presently, the LTH MVRV does show signs of overheating, thus implying that there may be spots for a continuous upward trend in the price of BTC.

In June, BTC experienced a short-term bull run, which was crucial for the coin. The growth commenced on June 1, when BTC/USDT traded at around $25,000.

It continued growing until June 15, when the coin reached $30,000, thus, marking a 20+% growth since the beginning of last month.

Other Indicators Supporting this Claim

Also supporting the bull trend projection by Clemente is the reduced liquidity of Bitcoin (BTC) on centralized crypto exchanges.

So far, the amount of BTC stored on CEXes has been consistently reducing, as investors are now transferring their assets into personalized wallets.

While this happens, the overall amount of available tradable supply also declines. It's worth noting that this decline in exchange liquidity marks a notable confluence for a bull run.

The decreasing exchange liquidity and favorable LTH MVRV figures show that the world's largest digital currency could be preparing for another spike.

On the other hand, traders and investors should note that while these indicators and confluences offer useful insights, they don't stand alone in providing a bull run signal.

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