By Mark L- Cryptocurrency Professional - 31-07-2021
Another Q4 bull run could be rising again, as the Bitcoin (BTC) price rebound clings to its 23% weekly gains.
Analysts believe Bitcoin is gearing up for a new spike in price, potentially seeing a replay of the bull run in 2017. Many crypto enthusiasts are comparing this rally as Bitcoin gradually regains its April value to the famous bull runs of the past. Analysts see repeated patterns with the coin giant's price movements and are predicting another significant bull run.
With highs of up to $42,400 in July, the crypto coin market shifted back to a bull run for Bitcoin investing, also referred to as a "supercycle." Since the beginning of the crackdown in May, Bitcoin has been working hard to recover from the price drop, but last week's price gains turned out better than anyone could have thought.
Surprisingly, instead of witnessing yet another significant drop with the crypto market investment, BTC price action has maintained its gains, which at the time of writing is a total of 23% in a week.
BTC/USD just surpassed its 21-week fast-paced moving average, which one particular analyst, Rekt Capital, called a "time-tested bull market indicator." He suggested that we have seen this repeated pattern before with the popular crypto coin and anticipates similar future behaviour.
Analysts and crypto professionals aren't the only ones showing the same increase in Bitcoin activity. Strong hodlers who have not been selling Bitcoin from their portfolio have regained control at new levels that no one has seen since Bitcoin's current all-time high of $64,500 in April.