Bitcoin, Bullish Rally Prelude? Positive On-Chain Signals Spotted in May

Bitcoin (BTC) is showing the possibility of an upward trend in May, driven by key indicators. Experts emphasized the miner economy, network hash rate, long-term holder accumulation, and increasing global fiat currency liquidity. This suggests that a price increase is imminent.

This is a 14.6% increase over the past month as the largest cryptocurrency continues its recovery rally from its early April low.

Is Bitcoin's Bull Market Returning?

In a recent X (formerly Twitter) post, analyst and WiM Media founder Robert Breedlove referenced the Blockware team's average miner break-even cost data. He predicted that Bitcoin .

He mentioned that prices generally do not remain below this average for an extended period. This represents a threshold where miners may cease operations if unprofitable.

"In In a rational economy, assets rarely trade below their production cost," Breedlove said.

He emphasized that this indicator has precisely identified six bottoms from 2016 to 2024, signaling another bottom and suggesting an imminent price increase for Bitcoin.

MacroMicro data also supports this. At the time of writing, the 30-day moving average (MA) of mining cost to BTC price ratio was 1.

This indicated that miners have been operating at an average loss last month. Therefore, as loss-making miners reduce operations, supply, it could lead lead lead to a price increase.

The Bitcoin hash rate price model evaluates Bitcoin's value based on the historical relationship between price and hash rate. This adds toence theward outlook.

"The fact that the hash Rate Rate-based BTC valuation is at a support level probably means we have reached some local bottom," the analyst said.

Additional market signals strengthen the potential rally. Breedlove pointed out long-term holders have accumulated about 150,000 BTC over the past 30 days. This suggests reduced selling pressure in the $80,000 to $100,000 range.

With fewer people willing to sell Bitcoin at this level, strong demand but reduced available Bitcoin supply could create upward price pressure.

"Essentially, the Bitcoin price is simply a function of supply and demand. As the Bitcoin price rises, previously inactive coins begin to move on-chain. Conversely, after prolonged sideways or negative price movements, long-term holders begin toulating accum, setting up a supply shock and upward price pressure," he added.

Moreover, increasing global fiat currency liquidity is expanding the pool of capital available for Bitcoin investment. This is further enhanced by exchange-traded funds (ETFs), Bitcoin financial companies, and convertible bonds.

These financial instruments provide easier access for new liquidity to enter the Bitcoin market, narrowing the gap between traditional finance and cryptocurrency.

"And it's not just dollar liqu's increasing. The liquidity of all fiat currencies is increasing, and is a global assetOve><, Bepto several upward factors for BTC. coin's apparent demand has positively shifted,ying interest or purchase activity p p><>Additionally, the Market Value to Value () mratiol has rebhistorically significant average of . .74. This movement has previously been proven a reliable indicator of early Bitcoin bull markets.

Amidst these upward signals, BTC's price performance performance is quite notable. After briefly falling below $75,000 in early April the April, the price continues to recover.

Over the past week, BTC has risen 4.3%. At the time of reporting, Bitcoin's trading price is $97,048, showing a daily increase of 2.3%.

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