Bitcoin [BTC]The bull and bear tug of war could keep traders a long time coming

The entire crypto community was excited Bitcoin [BTC] recorded a slight increase in the last few days. This development gave investors hope for a possible bullish rally in the coming days. Bitcoin’s value is up more than 5% in the past seven days.

Additionally, at press time, BTC is trading at $20,199.18 with a market cap of $386,873,518,560. However, several analysts and influencers point out that the excitement might as well turn to misery. They also predict a possible bear market in the coming days.

Beware, you may find bears

BaroVirtual, author and analyst at CryptoQuant, recently published one analysis which indicated a drop in the BTC price. In his analysis, he pointed out something interesting that supported the above possibility.

According to the data shown, the current value of miner transfers to cash exchanges (hourly) on September 14 was 10.4537. This number was a sign of bears as previous records suggested that a surge in miner remittances to spot exchanges was often followed by a drop in the price of BTC.

Source: CryptoQuant

Interestingly, a similar prediction was made by Mac, a popular Twitter-based crypto influencer. The Twitter user shared his thoughts that BTC could fall to $17,000 in the coming days.

$BTC / #Bitcoin

“Mac, why don’t you post x10-x50 #altcoin lists?”

Because now is not the time to expose yourself to the market. If you’ve studied my pinned tweets, you know that. $BTC will surge to ≈ $17,000.

The bull market will be back. I’ll bring you the next $MATIC n $SOL, patience. pic.twitter.com/ddca1voc28

— Mac 🐺 (@MacnBTC) September 14, 2022

But BTC just surpassed $20,000…

Although these analyzes and predictions pointed to darker days for the coin, several on-chain metrics suggested things were favorable Bitcoin. For example, last active > 10 years supply of BTC just reached an ATH of 2,516,080,091 BTC. This represented increased investor confidence in the coin.

📈 #Bitcoin $BTC Amount of Supply Last Active > 10y just reached an ATH of 2,516,080.091 BTC

View metric: https://t.co/lBBwEqVviB pic.twitter.com/PNb7t71f6y

— Glassnode Alerts (@glassnodealerts) September 15, 2022

Additionally, Bitcoin’s exchange outflow volume (7d MA) just hit a one-month high, which can be taken as a sign for the bulls. Bitcoin‘s aSOPR was also green, suggesting a possible market bottom. This too pointed in the direction of an impending bull run.

Source: CryptoQuant

Not only did the on-chain metrics look bullish, but Mustache, a famous crypto influencer, also offered his take on the current state of the market. In his tweet, he mentioned that he believes the market will rise in the near future.

$BTC #Bitcoin

The market is going down and people are totally bearish again.

I expect the opposite: $BTC in ’18/’19:

-Double floor with HL
– MA Ribbon Cross (50/100)
-After the MA Cross, $BTC surged ~300%.

We repeat EXACTLY the same structure.

Parable next.. pic.twitter.com/s7GabGHJ4B

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) September 14, 2022

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