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Bitcoin has formed a floor around $57,000 and entered a new bull cycle, according to crypto analyst Lark Davis.
Davis said a combination of about 12 on-chain and technical indicators, including record accumulation by whale investors and the two-week moving average convergence divergence, or MACD, suggests the market bottom formed at $57,000. Davis added the market is now in the early stage of a new bull run, with investment opportunities emerging not only in Bitcoin but also in altcoins.
He also said Bitcoin accounts for most inflows into cryptocurrency exchange-traded funds, and that ETF inflows relative to market capitalization, along with the growth of gold ETFs, show ETFs are reshaping Bitcoin’s market structure. Davis cited the U.S. strategic Bitcoin reserve and the CLARITY Act, a U.S. crypto market structure bill, as additional key variables, adding that if the U.S. Bitcoin reserve policy is codified into law, its policy legitimacy would be further strengthened.