Key Points
- Bitcoin whale activity has increased, a trend usually not seen during this part of the cycle.
- The realized price gradient oscillator indicates that bulls need to maintain their momentum.
Bitcoin [BTC] has been gaining bullish momentum, approaching its all-time high, despite a 4% pullback over the past two days that retested the $69k support zone.
The technical indicators remain bullish, and accumulation continues even as prices stagnated in April and early May.
Bitcoin’s 300-Day Bull Run
A recent report suggests that Bitcoin might be preparing for a 300-day bull run, reinforcing the bullish bias.
Crypto analyst Axel Adler shared on-chain analysis on X (formerly Twitter), highlighting Bitcoin’s current momentum and the values the gradient reached in the past 18 months.
The price gradient oscillator measures the speed of market cap growth compared to the realized cap.
In 2021, as Bitcoin neared its peak, the oscillator formed lower highs, indicating a fading bull trend.
In 2024, the oscillator has formed a lower high at 2.96. A move past 3 is desirable for bulls to avoid repeating the 2021 pattern, which would signal fading bullishness.
Whale Activity and Market Trends
Analyst Willy Woo noted that the available Bitcoin has been scooped up over the past two months when the price lacked a true higher timeframe trend.
This caused panic among retail holders, but the spot BTC demand was substantial.
Woo believes it’s only a matter of time before prices surpass their all-time high against the US Dollar.
The exchange whale ratio saw a rising trend in April and May, indicating increased whale activity, which is abnormal during a bull run.
Usually, during the bullish long-term trend, whale activity decreases.
It increases once the top is reached and prices start sliding lower.
The outflow from exchanges that Willy Woo highlighted earlier provides a good argument against the top being in, but the rising whale activity can give investors pause.
However, the exchange whale ratio is not definitive, and the evidence at hand suggests this bull run has further to go.
