🌟🤔🤔 Could Bitcoin Be on the Verge of a Bull Rally⁉️ Analysts See Positive Signs in May
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Bitcoin (BTC) is exhibiting signs of a potential bullish trend in May, driven by key indicators. Experts have highlighted factors such as miner economics, network hashrate, long term holder accumulation, and rising global fiat liquidity, suggesting that a price increase could be on the horizon.
This comes as the largest cryptocurrency continues its recovery rally from early April lows, up 14.6% over the past month.
Is a Bitcoin Bull Run Returning⁉️
In the latest X post, analyst and WiM Media founder Robert Breedlove referenced Blockware Team’s average miner breakeven cost data to forecast that Bitcoin might be on the cusp of a bull market.
He noted that the price generally doesn’t remain below this average for extended periods, as it represents the threshold at which miners may cease operations if unprofitable.
“In a rational economy, assets rarely trade below their cost of production,” Breedlove remarked.
He highlighted that the index accurately identified six bottoms between 2016 and 2024. Notably, it signals another bottom, suggesting that a price increase in Bitcoin could be imminent.
MacroMicro data further supports this. At the time of writing, the 30 day moving average (MA) of the mining cost to BTC price ratio stood at 1.05.
This indicated that miners have been operating at a loss on average over the past month. Therefore, this could potentially lead to an upward price movement as miners operating at a loss scale back, tightening supply.
The Bitcoin hash rate price model, which evaluates Bitcoin’s value based on the historical relationship between its price and hash rate, adds to the bullish outlook.
