Bull Run at the door: Bitcoin now shows all 5 important properties for an epic, ongoing BTC rally

The Bitcoin price has risen 45 percent in the past month and a half. Historically, such an extensive rally justifies withdrawal. However, BTC now has all five elements for an extended upward move.

Key elements: lower temporal absorption of sales, higher temporal structure of the bull market
In the past 43 days, the Bitcoin price has shown a strong rally over a relatively long period . Bitcoin has been able to maintain its momentum since mid-December 2019 – especially because every major upswing has involved a small retreat.

Small declines have made the rally more stable and sustainable, allowing the dominant cryptocurrency to build strong resistances at $ 8,800 and $ 9,200 respectively.

In a shorter time frame, large Bitcoin sell orders are quickly absorbed and dips bought quickly. The rapid recovery from every small retreat shows that the general sentiment in the crypto market remains bullish .

On the monthly chart, the Bitcoin price is expected to print a clean Morgenstern formation. It usually indicates an upward trend.

The positive lower timeframe and higher technical timeframe combined with the open interest on BitMEX that reached $ 1 billion is likely to result in significant volatility in the short term.

Historically, bitcoin tends to pull back when open interest reaches $ 1 billion. Background: Open Interest refers to the total amount of all longs and shorts on the market.

However, the increasing open interest could also be in Bitcoin’s favor as it could push the market in a certain direction after weeks of uncertainty.

Basic elements: halving, hash rate, growth

In terms of fundamentals, Bitcoin is only three months away from halving the block reward. At this point, Google searches for the halving are increasing and anticipation for the event is nearing its peak.

Regardless of whether the halving is already priced into the current BTC trend or not: Halving is still the most important event that has an actual impact on the supply of Bitcoin.

Since BTC is a store of value, the main promise of which is scarcity and fungibility, halving will have a major impact regardless of public expectations.

The hash rate rises before the block reward halves every four years. The rise in the hash rate to record highs indicates one thing above all: that the miners expect that the halving will have a positive effect on the Bitcoin price in the medium term.

According to Blockchain.com , the number of unique addresses in the Bitcoin blockchain network has increased slightly since the beginning of 2018. At that time, the Bitcoin price was around $ 15,000.

Analysts like Tushar Jain from Multicoin Capital are convinced that Bitcoin fulfills all elements of a full- blown rally and could enter a new growth phase.

Bitcoin, currently number 1 in market capitalization, has risen by 0.20% in the last 24 hours. BTC has a market capitalization of $ 169.68 billion with a 24-hour volume of $ 28.20 billion.