The collapse of the FTX exchange spread like a contagion over the whole cryptocurrency market, with Bitcoin and other altcoins experiencing sharp corrections over the past few weeks. Bitcoin is currently trading close to the $16,530 mark and is down by more than one percent.
According to an analysis by crypto analyst Trader Tardigrade, Bitcoin is currently following a similar chart pattern as it did in 2015. The pattern indicates that a “massive bull run” might be in store for the king cryptocurrency.
Do historical Data have the Opposite Story?
In the opinion of another cryptocurrency researcher, Moustache, Bitcoin might not see a bull run in the future. It is supported by historical research that looks even further back in time and keeps track of the RHODL [realized value HODL waves] ratio.
On-chain Data Shows a Ray of Hope
According to data from Glassnode, the number of addresses on the Bitcoin network with non-zero balances has significantly increased. Mid-October saw the start of growth, which then took off as November got underway. As shown in the graph below, this growth was followed by a similarly rapid rise in the number of addresses with non-zero balances.
On-chain data also reveals that most non-zero addresses were created within the last month. A higher number of transactions results from an increase in the number of new addresses and the number of transactions logged on the network has significantly increased over the past month.