There are some signs that Bitcoin price is beginning a multi-year bull run

Bitcoin price is moving higher after consolidating below $ 12,000 for two weeks. Not too long ago, BTC was trading at $ 12,400, breaking through key resistance levels. However, at press time, Bitcoin has declined slightly, only trading in the $ 12,300 zone.


Source: TradingView

Bitcoin price is on the brink of a big race

BTC remains below key long-term resistance at $ 14,000, but analysts are expecting the start of a macro bull run. They cite a combination of fundamental, on-chain, and technical trends showing that Bitcoin is gaining momentum.

Popular Bitcoin proponent “Vortex” recently noted that there are four clear signs that BTC is starting a multi-year bull run:

The adoption of Segregated Witness (SegWit), a Bitcoin scaling technology, just hit an all-time high as exchanges continue to roll out the technology. SegWit allows the blockchain to process more transactions, allowing more users to transact on Bitcoin at a lower cost.

As AZCoin News reported, Bitcoin hashrate hit a new all-time high as prices went up, and companies launched more efficient miners. Two separate analyzes by digital asset manager Charles Edwards found that Bitcoin’s price on a macro scale is strongly influenced by mining trends.

63% of all BTC has not been moved in a year or more. The last time the index hit this high was at the start of the 2015-2017 bull run that took Bitcoin to $ 20,000.

Google Trends points out that more and more people are searching for Bitcoin and related topics.

Other fundamentals not mentioned by Vortex, also show that Bitcoin is on track to move higher.

Charles Edwards, the aforementioned digital asset manager, and BTC analyst, recently compiled the below list of the reasons why it is so challenging to devalue Bitcoin right now.

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