What will happen to the price of bitcoin in the coming months?

After the price of Bitcoin reached $17.5 thousand on June 18, it increased by 25% compared to the currentmoment. Such a rally was recorded after the number 1 cryptocurrency in general sagged significantly (-75%) in relation to the peak of November 2021 (about $69 thousand).

What does this rally mean, and how sustainable is it,given that there has been a departure of a number of players from the cryptosphere (The Arrows Capital, Terra, etc.), and there is also a factor in the growth of the US Federal Reserve rate and, in general, the tightening of the monetary policy of a number of central banks in the world?

Bitcoin market indicators indicate thatthe risk of further downward movement in the price of this digital asset still becomes minimal. So, the RSI (relative strength index) index in the week that ended on June 13 showed “oversold” in the bitcoin market – such a RSI signal was given for the first time since December 2018. Then Bitcoin was able to stop its decline and show a 340% rally in six months, to the level of $14,000. Now we have already seen the rise in the price of bitcoin by 25%.

Another indicator, net unrealized profit and loss(NUPL) - the net position indicator for unrealized profits and losses - shows the difference between the market and actual capitalization of bitcoin, divided by the market capitalization of this cryptocurrency. The actual capitalization of bitcoin takes into account the real price at which bitcoin sales are made during the reporting day. On July 21, NUPL rose above zero, and historically this was accompanied by the largest rise in the price of bitcoin.

Finally, the Puell Multiple indicator definesbitcoin mining profitability: it is calculated as a fraction, the numerator of which is the dollar value of bitcoins that appeared as a result of mining per day, and the denominator is the average dollar value of mined bitcoins over the past 365 days. Currently, this indicator is in the black and growing, which means that the incentive to mine bitcoins and sell some of them on the market is increasing.

After being in the red since mid-June, 25July, Puell Multiple went positive for the first time - earlier, in the history of bitcoin, the appearance of a “green number” for this indicator after a period of decline meant that the #1 cryptocurrency had reached the price “bottom”: this was observed during the collapse of the price of bitcoin in March 2020, as well as in 2015 and 2018.

Bloomberg predicts bullish rally for BTC until the end of 2022

Bloomberg Intelligence Strategist Mike McGlonepredicts bullish growth for bitcoin in the second half of 2022. Several indicators that preceded previous BTC price rallies reached the same levels as before the start of the bull run.

Other Bloomberg Intelligence strategists also do notdoubt that bitcoin is ready for an upward movement, regardless of a short-term price drop. In general, for July, the main cryptocurrency added about 20%, and this figure contrasts sharply with the performance throughout 2022.

Analysts note that Bitcoin's breakthrough tosix-week highs on July 21 are a good sign. At the close of the month, analysts identified the Bart Simpson formation, a short-term technical analysis pattern that indicates a sharp price rally.

Based on network data, currentlybitcoin is in an accumulation phase and indicators such as market value to realized value (MVRV) and long-term moving average crossover signals are positive signs of the asset's growth.

Puell's multiplier is recognized as a signal thatBitcoin is currently undervalued. This is an indicator that tracks the number of bitcoins sold by miners in relation to the fair valuation of the asset.

Its value fell below 0.5, resulting in a transition to the green zone, and, as analysts say, entering the green zone is a good time to average.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest crypto exchange in the world is Binance. The platform supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bitget	https://bitget.com	7.8
3	Huobi	https://huobi.com	7.2
4	AAX	https://aax.com	6.9
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.