The collapse of the FTX exchange spread like a contagion over the whole cryptocurrency market, with Bitcoin and other altcoins experiencing sharp corrections over the past few weeks. Bitcoin is currently trading close to the $16,530 mark and is down by more than one percent.
According to an analysis by crypto analyst Trader Tardigrade, Bitcoin is currently following a similar chart pattern as it did in 2015. The pattern indicates that a “massive bull run” might be in store for the king cryptocurrency.
#Bitcoin is currently at the same situation as 2015 bottom.
1. Inverted and Logarithmic MACD moves above zero line.
2. $BTC falls onto the support zone, which created by upper wick of monthly candle in previous cycle top.Massive BULL RUN follows.🚀 pic.twitter.com/zYfKoF19tX
— Trader Tardigrade (@TATrader_Alan) November 23, 2022
Do historical Data have the Opposite Story?
In the opinion of another cryptocurrency researcher, Moustache, Bitcoin might not see a bull run in the future. It is supported by historical research that looks even further back in time and keeps track of the RHODL [realized value HODL waves] ratio.
Every time in #Bitcoins history, when the RHODL ratio left the green zone, the bullmarket started and the bottom was in.
RR🟡 has left the green zone again, but $BTC is making new lows.
Manipulation? I think, once the final bottom is reached, $BTC and crypto will rise heavily. pic.twitter.com/IrCFvfLdhN
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 23, 2022
On-chain Data Shows a Ray of Hope
According to data from Glassnode, the number of addresses on the Bitcoin network with non-zero balances has significantly increased. Mid-October saw the start of growth, which then took off as November got underway. As shown in the graph below, this growth was followed by a similarly rapid rise in the number of addresses with non-zero balances.
On-chain data also reveals that most non-zero addresses were created within the last month. A higher number of transactions results from an increase in the number of new addresses and the number of transactions logged on the network has significantly increased over the past month.