For some reason or another, Bitcoin traders and investors have begun to fear the worst again. In fact, investors like hedge fund manager Mark Dow (who shorted the $20,000 BTC top of late-2017), have started to claim that the recent drop implies that the cryptocurrency market is on the verge of macro collapse.<\/p>\n
Their thesis: the rally from $3,000 to $14,000 from December 2018 to June 2019 was just an “echo bubble” of the previous market cycle, not anything more.<\/p>\n
Despite these assertions, a leading on-chain analytics-centric analyst claims that the “bull run is near” as a number of metrics suggest that Bitcoin’s long-term bull bias remains intact. Here’s more on that.<\/p>\n
Philip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin, recently issued a 10-part thread<\/a>, showing that Bitcoin’s<\/a> price bias remains positive due to a confluence of factors.<\/p>\n Firstly, Swift quipped that the cryptocurrency is holding above its 350-day simple moving average; this is important as the price moving and holding above this moving average “has always indicated the start of Bitcoin bull markets.”<\/p>\n THREAD:\u00a0$BTC<\/a>: On-chain and market cycle update\u00a0<\/p>\n TL:DR – Bull market is close!<\/p>\n — Philip Swift (@PositiveCrypto) December 5, 2019<\/a><\/p><\/blockquote>\n\n