Crypto Trader Ali Martinez suggests that several on-chain indicators are pointing towards Bitcoin (BTC) gaining bullish momentum. He notes that over 700,000 new Bitcoin wallets were created on a day when BTC reached $35,000. This is seen as a significant milestone, as the growth of the BTC network has historically been a good predictor of price movement.

Additionally, Martinez highlights that the current BTC price is now above the average acquisition cost of long-term BTC holders (those holding for over six months). This on-chain metric has previously signaled major Bitcoin bull rallies when breached. Notably, Bitcoin recently surpassed the six-month to three-year holder cost basis at $34,150.

If BTC maintains this level, it could mean that previously underwater holders are now in profit, indicating a shift towards a bullish market sentiment. Martinez points out that in the past, when BTC exceeded this metric, it led to substantial bull runs of 4,778%, 99%, and 787%, respectively. As of the time of writing, Bitcoin is valued at $34,922.

Furthermore, Martinez is closely monitoring the capital inflow into the crypto space. He reports that billions of dollars have entered the crypto market over a 30-day period, suggesting strong investor confidence. In fact, nearly $10.97 billion in positive capital inflows have been observed, marking the highest level in 2023.

Edited ✍️ and published by QueencryptoNews