Bitcoin’s 

BTC

$21,238

 43% rally from $29,482.61 on July 21 to $42,316.71 on July 30 has invigorated the bulls, who had been sitting on the sidelines. After the sharp rise, some analysts are debating whether Bitcoin could repeat its sharp bull runs of 2013 and 2017.

Vailshire Capital founder and CEO Jeff Ross highlighted that Bitcoin had rallied tenfold in the second half of 2013 after facing three months of negative news. Ross said: "I still contend that 2021 will behave in similar fashion."

PlanB, the creator of the stock-to-flow price model, said Bitcoin’s comeback in July was “like clockwork.” He said that the stock-to-flow model will remain valid if Bitcoin closes August above $47,000.

Meanwhile, institutional investors continue to accumulate Bitcoin while the price is still depressed. Asset management firm GoldenTree, with about $45 billion in assets under management, has purchased an undisclosed amount of Bitcoin, according to The Street.

Bitcoin’s short-term sentiment has clearly turned bullish, following the strong recovery of the past few days. Let’s study the charts of the top five cryptocurrencies that may participate in the up-move in the next few days.