The bear market appears to be approaching its climax as the bulls continue to hold significant strength. The market capitalisation soars above $1.33 trillion, while the buying pressure over the markets spikes with a jump of 29.12% in the trading volume. In the meantime, the Bitcoin price continues to hover around $35,000, while the dominance drops slightly by 0.22% over the day. Despite the fading dominance, the long-term forecasts remain extremely bullish, carrying the possibility of a bull run.
Recently, the star crypto surged over $35,000 and almost reached $36,000, flipping the bearish sentiments within the market. Although the volume faded to some extent, the trend remained elevated, indicating the growing strength among the bulls. Moreover, the price crossed over the 6-month to 3-year holder cost basis at $34,150. This suggests a notable shift to bullish market sentiment.
The BTC price is required to remain above $34,150 for a while, and then the holders who were previously underwater are expected to be back in profit. This can be considered a shift in market sentiment from bearish to bullish. In the past three times, whenever BTC surpassed the 6-month to 3-year holder cost basis, it underwent a 4,778%, 99%, and 787% bull run. Therefore, similar price action can be expected in the coming days.
As of now, Bitcoin has enjoyed the strongest-ever monthly candle ‘3’ in the 4-year cycle. It has had very little downside wicking compared to 2015 and very little upside wicking compared to 2019. It appears to be just an outright strong candle ‘3’ that substantiates the bullish claim, forming a strong base for the incoming bull run