Bitfinex: The market may still be in the early stages of a bull market

The latest report from Bitfinex Alpha claims that the market may still be in the early stages of a bull market. Despite the market downturn, Bitcoin’s current marke t price is still higher than its actual price of $20,361, the report said. Bitfinex explained that this essentially means that market participants are in profit, and they are likely to hold their positions because, in general, long-term holders have been in profit since the beginning of the year. When Bitcoin moves back above the realized price after a long period below the realized price, it usually marks the start of a new bull market. The report added that this correlation between Bitcoin’s price rallies and the start of a bull market is a “notable trend” in its historical performance. The creation of new bitcoin wallets can be observed as the 30-day simple moving average (SMA) crosses above the 365-day SMA in November. An increase in wallet creation often coincides with or precedes the start of a bull market, suggesting that positive price action for the cryptocurrency is likely soon.