After a positive month of July, is this the start of “one of the biggest bull markets in history”

Bitcoin and the cryptocurrency market rebounded strongly last month after a severe correction during the second quarter. Currently trading at the $23,300 level, bitcoin has seen gains of nearly 20% in the past month.

However, the more important question is where bitcoin will rise from now. Channel data provider Santiment reports:

Bitcoin jumped 18% in July after growing bullish divergence from @santimentfeed’s NVT pattern in May and June finally allowed a price rebound. With a neutral signal now that prices have risen and jet circulation is slightly lessened, August has room for improvement in both directions.

On the other hand, Mike McGlone, an analyst at Bloomberg, said the report risk-reward meant leaning in favor of bitcoin. He wrote : “July marked the steepest discount in bitcoin’s history to its 100 and 200 week moving averages, implying a recovery. I see risk versus reward tilted favorably for one of the biggest bull markets in history“.

On the other hand, data from Glassnode also shows that the sale of bitcoins on exchanges is steadily declining. The balance of BTC in exchanges has now reached 12.6% of the total circulating supply.

Stock markets and crypto markets

Despite the Fed’s rate hike, the US stock market performed well in July. Some market analysts are optimistic that the uptrend of the market will continue from now on.

Of course, as the stock market turns, crypto will follow along similar lines. The world’s second largest crypto, Ethereum, rallied more than 60% last month from its low point. The recent rally in the price of ETH has again sparked the debate that Ethereum could rock Bitcoin, with ETH trading near $1,700.

Other altcoins like XRP, Polygon, Solana, Avalanche gained upward momentum last month. If the broader market supports, the momentum may continue this month as well.

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