A bullish scenario for Bitcoin

Short-term outlook: Bitcoin price has traded sideways all week following last Friday's 16% liquidation. At most, the peer-to-peer digital currency has recovered 3% of the losses accrued. The lack of effort displayed post decline is the first anomaly that merits question in the underlining bullish strength. The VolumeProfile indicator confounds the reasonable doubt as transactions continue to taper. On-chain analysis tools suggest more optimism is taking place underneath the cryptocurrency hood. Specifically, Santiment's Daily Active Addresses Indicator shows that large-cap players have gone dormant this week. At 484,000 active wallets, the reading is a newfound low in terms of activity for the year 2022. The June 2021 low, with a reading at 505,000 active wallets, resulted in one more shallow move from $35,000 to $31,000. Bitcoin price then commenced a 100% increase in profit between July and November 2021.