Bitcoin Increases By 25% Since April: Mining Data Reveals Promising Indicators, Says Expert

Bitcoin (BTC) has witnessed a significant rise of at least 25% within a span of three weeks, from an April 9 low of nearly $74,000 to over $96,500 in early May. Bitcoin advocate Robert Breedlove believes this rise, along with the reduced supply of BTC on exchanges and increased on-chain accumulation, suggests a possible bull run.

Breedlove points to the average miner production cost, a reliable market bottom indicator, which currently signals a potential new floor for a bull run. Long-term holders continue to accumulate BTC despite market volatility, creating a supply shock that could drive prices up. Additionally, the decreasing availability of BTC on exchanges supports Breedlove's scarcity thesis.

The expert also predicts that increased global liquidity, due to easing central bank controls, could see more capital flowing into risk assets like BTC.