Bitcoin (BTC) is exhibiting signs of a potential bullish trend in May, driven by key indicators. Experts have highlighted factors such as miner economics, network hashrate, long-term holder accumulation, and rising global fiat liquidity, suggesting that a price increase could be on the horizon.<\/strong><\/p>\n This comes as the largest cryptocurrency continues its recovery rally from early April lows, up 14.6% over the past month.<\/p>\n In the latest X (formerly Twitter) post, analyst and WiM Media founder Robert Breedlove referenced Blockware Team\u2019s average miner breakeven cost data to forecast that Bitcoin might be on the cusp of a bull market.<\/a>\u00a0<\/p>\n He noted that the price generally doesn\u2019t remain below this average for extended periods, as it represents the threshold at which miners may cease operations if unprofitable<\/a>.<\/p>\n \u201cIn a rational economy, assets rarely trade below their cost of production,\u201d Breedlove remarked.<\/p>\n<\/blockquote>\n He highlighted that the index accurately identified six bottoms between 2016 and 2024. Notably, it signals another bottom, suggesting that a price increase in Bitcoin could be imminent.<\/p>\n MacroMicro data<\/a> further supports this. At the time of writing, the 30-day moving average (MA) of the mining cost-to-BTC price ratio stood at 1.05.<\/p>\n This indicated that miners have been operating at a loss on average<\/a> over the past month. Therefore, this could potentially lead to an upward price movement as miners operating at a loss scale back, tightening supply.<\/p>\n The Bitcoin hash rate price model,\u00a0which evaluates Bitcoin\u2019s value based on the historical <\/span>relationship between its price and hash rate, adds to the bullish outlook.<\/a><\/p>\n Analyst Giovanni commented on X that the model is currently at a Bitcoin support level.<\/p>\n \u201cThe fact the hash rate based BTC valuation is at the support level means that probably\u00a0we reached some kind of local bottom,\u201d the analyst said.<\/p>\n<\/blockquote>\n Additional market signals reinforce the case for a potential rally. Breedlove pointed out that long-term holders have accumulated approximately 150,000 BTC <\/a>over the past 30 days. This suggested reduced selling pressure in the $80,000 to $100,000 range.\u00a0<\/p>\n As fewer people are willing to sell Bitcoin<\/a> at these levels, the price could face upward pressure as demand remains strong, but the supply of available Bitcoin dwindles.<\/p>\n \u201cAt its core, the Bitcoin price is simply a function of supply and demand. After an increase in the Bitcoin price, you start to see previously inactive coins move on-chain. Inversely, after prolonged periods of sideways or negative price action, long-term holders begin accumulating more coins, setting the stage for a supply-shock and upward price pressure,\u201d he added<\/a>.<\/p>\n<\/blockquote>\n Furthermore, rising global fiat liquidity is expanding the pool of capital available to invest in Bitcoin. This is further bolstered by exchange-traded funds (ETFs),<\/a> Bitcoin treasury companies, and convertible bonds. <\/p>\n These financial vehicles provide easier access for new liquidity to enter the Bitcoin market, bridging the gap between traditional finance and cryptocurrency.<\/p>\n \u201cAnd it\u2019s not just USD liquidity that\u2019s increasing \u2013 liquidity of all fiat currencies is on the rise, and Bitcoin is a global asset,\u201d Breedlove stated<\/a>.<\/p>\n<\/blockquote>\n Recently, BeInCrypto also highlighted a few bullish<\/a> factors for BTC. The coin\u2019s apparent demand turned positive, implying an increase in interest or buying activity for Bitcoin.<\/p>\n Additionally, the Market Value to Realized Value (MVRV) ratio rebounded<\/a> from the historically significant mean of 1.74. This movement has previously proven to be a reliable indicator of the early stages of a bull market for Bitcoin.<\/p>\n Amidst these bullish signs, BTC\u2019s price performance has been quite notable. After briefly dropping below the 75,000 mark in early April, the price has continued to recover.\u00a0<\/p>\n Over the past week, BTC has seen a 4.3% uptick. At press time, Bitcoin\u2019s trading price stood at $97,048, representing daily gains of 2.3%<\/a>.<\/p>\n Disclaimer<\/p>\n In adherence to the Trust Project<\/a> guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div><\/div>\nIs a Bitcoin Bull Run Returning?\u00a0\u00a0<\/h2>\n
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