Bitcoin Makes Its Investors Happy, Is the Real Bull Season Beginning?

Bitcoin broke the record of the last 2 years by exceeding $ 50,000, which means it made all investors who have held assets invested in Bitcoin since the beginning of 2022 happy. Although Bitcoin is up more than 185% since January 2013, many investors remain optimistic that Bitcoin can move higher, indicating that the bull season is very close.

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Bitcoin (BTC) is currently trading at $50,000 and it seems that the $50,000 resistance has not been broken yet, this is due to the selling pressure created on $50,000 by investors who want to take their profits early. Bitcoins transferred to Centralized Exchange (CEX) explain this clearly.

Some investors who want to take their profits move their assets to central exchanges such as Binance and Coinbase. And spot sell orders on centralized exchanges are now suppressing buying pressure and preventing Bitcoin from moving even higher.

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According to the data shared by Skew on Twitter, the sell walls around $ 50,000 in Binacen and Coinbase are clearly visible. The sell wall is quite high, which prevents buying pressure, but on the other hand, the buy walls below $50,000 are also quite high, so I think the bullish trend can be stopped temporarily. If new buyer offers come in the following sessions, sell orders can be filled. I think this is the only major factor preventing Bitcoin from moving higher. If buyers can fill sell orders, Bitcoin could move higher and even accelerate its bullish trend.

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Kelly Greer, Head of Americas Sales, Galaxy said the following in an interview with CoinDesk;

“We see a concentration of open interest in $50k calls and have seen flows in $50K, $60K and $75K calls in the listed options markets from April to June maturities, these flows demonstrate conviction from buyers willing to pay a premium to take on these positions, suggesting investors have a constructive view on bitcoin.”
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Kelly Greer's statements are noteworthy because these flows are reminiscent of the bull market in 2020 and 2021 because similar flows occurred at that time.

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Peter Thiel's Founders Fund has invested $200 million in Bitcoin (BTC) and Ethereum (ETH), according to today's report from Reuters. Founders Fund started buying Bitcoin when the price was below $30,000 and continued buying it in the following months. By the way, Peter Thiel is the co-founder of Paypal.

I have said many times in my previous articles that wealthy investors and companies invest in cryptos in the bear market, so such news does not surprise me and I think we will hear that bigger players are also investing in the crypto market in the coming days.

MicroStrategy co-founder and executive chairman Michael Saylor said in the CNBC interview that they will continue to accumulate more Bitcoin and that MicroStrategy is rebranding as a bitcoin development company. Additionally, there has been 10 years of pent-up demand for ETFs and finally mainstream investors now have access to Bitcoin, driving capital growth in the asset class, he said. You can watch the entire interview in the YouTube video above.

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All investors who invested in Bitcoin in the last two years and waited patiently have made profits, and short-term investors who predicted the rise of Bitcoin have also made serious profits. According to the data shared by Lookonchain, an investor made a profit of 13.5 million dollars in just 4 days. It really was a huge profit, and even if the investor had waited one more day, the investor could have made much more profit.

Bitcoin surpassed $50,000, breaking a resistance line that was both a psychological and financial milestone, and now I think Bitcoin has entered a new era. Apart from the selling pressures I mentioned above, there is no major obstacle for Bitcoin not to move even higher. Also, I think that the bull season has not started yet, but if Bitcoin remains above $ 50,000, it will trigger the bull season. I think the real bull season will start around $60,000. However, I have no plans to buy Bitcoin while it is over $50,000, for now, what I have in my wallet is enough for me. However, I continue to follow altcoins closely to buy. I think cryptocurrencies such as ETH and HIVE will strongly follow the rise of Bitcoin. In particular, I continue to buy cryptos like HIVE, which has yet to start follow up Bitcoin's rise.

Thank you for reading
@rtonline

This is not investment advice, I talked about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

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