Can We Get Bullish On Bitcoin Again?

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In the past few days, Bitcoin rallied 20% and Ethereum 50%. With proof rising that new entrants are making accounts on crypto platforms and that the so-called plebs (the retail Bitcoin buyers) are once again ‘stacking sats’, we ask: is it time to turn bullish again?

Sully

Although most of the MSM (mainstream media) fails to notice it, Bitcoin and Ethereum are on the way up again. With many economic data still due later this month both in the US and the EU, that is surprising. Stock markets, and certainly tech stocks, have shown a similar move. So we must ask, are all lights on green again, or is this only light green?

Always be stacking Sats 🙌
👉 #Bitcoin pic.twitter.com/Zdu6pS7g0H

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 20, 2022

Remember that the relief rallies during a bear market are always the most gruesome so better not to get all-in unless we’re sure. As Tom Hanks reminds us in Sully, there is always a moment during a crash that we must ask: can we get serious now?

Blockchain analytics firm Glassnode has clearly shown that small Bitcoin buyers are returning to the market as of late, ever since Bitcoin floated for a few weeks around the $20k level.

Dark blue to light blue .. #bitcoin is getting stronger pic.twitter.com/kGgHGGPoiT

— PlanB (@100trillionUSD) July 20, 2022

Although this is still a market full of fear, uncertainty, and doubt (FUD), with bearish news dominating the major news outlets, most of them seem to a long term potential for the world’s biggest cryptocurrency.

Furthermore, Ethereum developers have set a tentative merge date for the long-awaited upgrade of the Ethereum chain from proof-of-work to a proof-of-stake protocol. After that news came through, investors realized that Ethereum’s energy consumption would normally drop by 99.5%, making it far more attractive for Wall Street firms to store their funds in. Ether as a result has since climbed some 50%.

All these are of course good signs, but we must conclude that above all we’re still in a bear market where any bad batch of economic data could immediately wipe out the small gains we’ve witnessed. Hence in conclusion I would say that the market isn’t green just yet, but we’re definitely seeing some green sprouts pop up.