Financial Insights That Matter
Bitcoin’s BTC/USD is up 25% from lows set on April 9, prompting analysts to wonder whether the bottom is in and a new bull run has begun.
What Happened: In a detailed X thread on May 2, podcast host Robert Breedlove pointed to a confluence of metrics, suggesting Bitcoin is at or near its local bottom and may be entering the early stages of a major bull cycle.
Breedlove emphasized that fiat liquidity is expanding, driven by U.S. dollar trends and institutional inflows via ETFs, corporate treasuries and convertible bonds.
As access improves, Bitcoin’s correlation to fiat liquidity deepens, setting the stage for a wave of new capital.
Also Read: Bitcoin Is A Commodity Like Gold, Says Commerce Secretary Lutnick
Why It Matters: A key signal is the average cost of production for Bitcoin miners, a historical bottom marker that successfully called six previous BTC lows, is now signaling that the market has likely bottomed.
Crypto analyst Giovanni reinforced this view, noting that his hash rate valuation model also shows BTC at strong support.
On-chain data further supports this thesis.
Long-term holders added 150,000 BTC over the past month, suggesting conviction is growing.
When seasoned holders accumulate during price weakness, it often precedes supply squeezes and rapid upside.
Additionally, previously dormant coins are beginning to move, a classic sign of renewed market activity. This dynamic, combined with limited new supply and growing demand, strengthens the case for a sustained upward breakout.
What’s Next: With macro tailwinds, bullish on-chain behaviour, and historical indicators aligning, analysts believe Bitcoin could be on the verge of a new bull run.
Whether this momentum continues may hinge on upcoming macro data and investor sentiment heading into summer.
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