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Tuesday, May 24, 2022

Bitcoin Illiquid Supply Hits An All-Time High

Bitcoin is definitely ready to make a major comeback which should see it repeating its classic bull years 2013, and 2017- something analysts are debating about. As the cryptocurrency reaches a sum of $42,400 on the 31st of July, there have been multiple narratives in the market with the entire community flipping to a bullish supercycle of BTC. 

Bitcoin Bulls Come Out For 2021 Close

Bitcoin has been quite busy trying to repair the adversely affected mining community after the Chinese government decided to ban the mining of the cryptocurrency. Nonetheless, the price advances from last week were quite stronger than most of the community anticipated.

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Interestingly, rather than the currency suffer a serious dip, the price action of cryptocurrency decided to hold onto its gains, which had a cumulative total of 23% for this week. As it stands, this was seemingly quite impossible just a week back, but now it seems to be the flavor of the month among a larger section of the analytical community. 

Jeff Ross, the CEO and Founder of Vailshare Capital tweeted that after a series of troubling months for Bitcoin regarding price action and news, the cryptocurrency went on to print out five different green monthly candles in a row.

Also, the token currency leaped almost 10x in the second half of 2013. He believes that the rest of the year would be spent in a similar fashion. With this latest increase, the BTC/USD exchange went through its 21-week moving average potential- something Rekt Capital referred to as a bull market indicator that was time-tested. 

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Although Ross did add that this prediction was simply a guess, there are quite a lot of indicators that support his statement. The hash rate has gone above 100 exahashes per second for Bitcoin after it went out at 83 EH/s. 

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