4 Reasons to Be Bullish as Bitcoin Breaks Back Above $40K

[Coin63@]

With BTC’s price regaining traction and heading towards $40,000, it’s worth reviewing four (ok, five) reasons why you should be more bullish.

Although bitcoin has already added $10,000 of value in a week to $40,000, some on-chain features suggest even more bullish developments awaiting right around the corner. From the Stablecoin Ratio to increasing active addresses to corporations buying and holders still holding.

Reason 1: Bitcoin to Stablecoin Ratio
According to data from CryptoQuant, the Bitcoin to stablecoin ratio oscillator has gone into bullish territory. This metric highlights the ratio of the number of bitcoins to stablecoins stored on all exchanges.

Reason 2: The Bottom Is In?
Jurrien Timmer, the Director of Global Macro at Fidelity Investments, also opined about BTC’s recent price developments. In fact, he believes the massive price slump towards $30,000 was actually the bottom.

Reason 3: Corporations Keep Buying, Institutional Praise
While some reports suggested that short-term investors had sold off their BTC holdings during the recent crash, others have only doubled down. Such is the case with MicroStrategy.

Reason 4: Hodlers Keep on Hodling
In its weekly review on the market, Glassnode touched upon the role of so-called HODLers – investors who have purchased their assets before a specific date and refuse to sell or even trade them.more