Bitcoin’s on-chain metrics are flashing positive signals, suggesting a potential shift in the market and a long-term bullish outlook. Key indicators like the Fund Flow Ratio and the Estimated Leverage Ratio are showing signs of recovery, mirroring historical patterns that marked the end of bear markets and the beginning of new bull runs.
Despite a recent decline in Bitcoin’s price, on-chain data suggests that major players may be accumulating the cryptocurrency. Exchange supply has dropped significantly, potentially leading to reduced selling pressure and a bullish market if demand continues to grow. However, analysts remain cautious, noting that sufficient liquidity still exists within the market.
Vote counting for the Lok Sabha polls 2024 commenced on June 4th, amidst tight security. Over 8,000 candidates await the results that will determine their fate. Union Finance Minister Nirmala Sitharaman has predicted a bullish market post-election, citing an anticipated positive result for the BJP. Meanwhile, the IMD has issued heatwave alerts for Delhi and six other states coinciding with the election outcome. Various stock recommendations have also been issued, including Axis Bank, L&T, Ultratech Cement, and Bajaj Auto, which are expected to exhibit significant movements in the market. The nation eagerly awaits the Lok Sabha election results today, as preparations are in full swing across the country.
