Digital assets fund manager Adamant Capital has published a new report which gives fresh evidence that the cryptocurrency winter is slowly giving way to a crypto spring, with the crypto bear market now approaching its final stages.
This phase, according to the report, should now usher in Bitcoin to within the USD 3,000 to USD 6,500 range of trading, maintaining and gathering momentum until a new bull market gains ground. According to their data, the patterns are slowly emerging that are mirroring market patterns in 2015-2016, shortly before Bitcoin embarked on a parabolic growth pattern in 2017.
Analysis from the report also suggests that the market is seeing retail traders slowly leave, while long-term traders are again gaining dominance. It also fits in with other analyses of Bitcoin volatility lows:
“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”
Bitcoin accumulation is one common indicator of a crypto market that is primed for a rally. At the end of March, just two days before the sudden April surge of 20% in Bitcoin price, Bitcoin News had reported on an all-time high for unspent transaction outputs (UTXO), a marker considered by many to be another strong sign of accumulation.
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