Bitcoin (BTC) bulls finally mustered plenty strength to push the summit-ranked cryptocurrency through the $60,000 level and citing primal on-chain metrics, analysts believe the bull run has a ways to go earlier reaching any considerable resistance.

Since pushing back higher up $50,000 on March 9, every dip in Bitcoin cost has been chop-chop purchased by institutional investors and the BTC balance of whales has also continued to grow over the past few months.

BTC/USDT 4-hr chart. Source: TradingView

What'south next for Bitcoin price?

A contempo report from Ben Lilly, an analyst at Jarvis Labs, analyst Ben Lilly highlighted the "two steps frontwards, one step back" nature of Bitcoin's price movements over the past week, noting that the rise in toll was accompanied by "four drawbacks of 5%".

According to Lilly, Bitcoin's price activeness is a good sign of good for you profit-taking as vertical prices are "only healthy when breaking all-fourth dimension highs," otherwise known as cost discovery.

To get a better agreement of where cost may be headed, Lilly noted that wallet sizes holding 100 to 1,000 BTC concord virtually 63,000 more BTC than they did on February. 28, indicating that these whale wallets have been accumulating since the dip in preparation for the price to move higher.

According to Lilly, "this class of wallets were the ones that timed the 2017 rally the best."

Number of BTC accumulation addresses. Source: Glassnode

Some other bullish indicator highlighted by Lilly is the heavy aggregating that has been happening since BTC price broke $20,000 which hasn't slowed downwardly since.

Lilly said:

"Concluding time nosotros saw aggregating that was this aggressive was back in August 2017. The top of that market cycle wasn't seen for some other four months."

Lilly further explained that while it is most customary for Bitcoin price to see occassional drawdowns later touching a new all-time high, they do picayune to change the bullish uptrend.

Lilly said:

"So in order to avoid whatsoever confusion on what we're trying to say with these charts… Bitcoin has room to run here. If it decides to rip, it'll go."

Exchange outflows support the bullish narrative

A contempo written report from Decentrader co-founder Philip Swift echos Lilly's bullish sentiment by pointing to Bitcoin commutation outflows over the by few months. As shown in the chart below, Coinbase and Bitstamp experienced a significant drawdown in their substitution balances since mid-December in 2020.

Bitcoin residue on exchanges. Source: g lassnode

The written report highlighted that the reduction in bachelor BTC is "being driven by people and institutions taking Bitcoin off exchanges to proceed in common cold storage." This in plough reduces the liquid supply available to rapidly sell into the market and decreases the changes of a rapid selloff.

Swift did notation that a large corporeality of BTC being pulled off exchanges is being wrapped into WBTC and put into DeFi protocols. This somewhat reduces the bullish narrative as the tokens aren't fully removed from circulation and put into common cold storage, meaning the liquidity hasn't really been reduced.

Another interesting signal discussed by Decentrader is the comparison between Bitcoin being held for one to two years compared to those existence held for 3 or more than years.

In recent weeks BTC held by investors for less than 3 years have started to be sold as 'shorter term' holders brainstorm to take profits. While these levels are declining, Bitcoin investors who have been holding for more than iii years take actually been accumulating recently and according to Swift, this signals that "Bitcoin still likely has a lot more upside to go" in the current bull bicycle.

Percent of Bitcoin supply last active i+, two+, and 3+ years ago. Source: m lassnode

Swift said:

"Looking at that chart, it is possible to see where we are compared to the previous 2017 wheel when these HODL lines were behaving in a similar way… budgeted roughly half-mode through the cycle in our opinion."

For David Lifchitz, Chief Investment Officer at ExoAlpha, the price action for Bitcoin betwixt Feb. 22 and March 11 appears to be forming the classic cup and handle formation which is a bullish design co-ordinate to technical analysis. Lifchitz explained that the toll drop experienced in March eleven represented the "top of the cup" past those who monetized the ten% gain from $45,000 to $57,000."

Co-ordinate to Lifchitz, a mild pullback no lower than the $52,000 and a bounce dorsum up would grade the handle of the cup. The breakout above the rim of the cup ($58,000) would open the door for another leg-up from Bitcoin price.

The views and opinions expressed hither are solely those of the writer and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves adventure, you should acquit your own inquiry when making a decision.