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Perhaps the crypto community has historically not hoped for a Bitcoin bull run more badly than in the current cycle. In the space of just four weeks, Bitcoin (BTC) price rose above the important milestone of $20,000 on four occasions. This psychological factor brings with it the hope for potential rally, considering the painfully bad bear market environment this year. Meanwhile, the Bitcoin trader community looks to be in a no buy zone currently.
What Could Happen Before A Bitcoin Bull Run?
The BTC buying pattern indicates that there was not enough traction in terms of purchases when price fell. According to on chain data from Crypto Quant, there is less short term buying at the moment. This happens as the market fall has been longer than anticipated. Data on the percentage of Bitcoin purchases from 1 week to 1 month shows there is a sideways movement. This could potentially be an ideal buy signal
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