Typically, Bitcoiners (BTC) move their reserves more actively as the price approaches the cycle high. The current situation is far from this euphoria, according to the CEO of CryptoQuant. However, it is possible that a new all-time high will be reached within a few months, according to indicators.
Typically, Bitcoiners (BTC) move their reserves more actively as the price approaches the cycle high. The current situation is far from this euphoria, according to the CEO of CryptoQuant. However, it is possible that a new all-time high will be reached within a few months, according to indicators.
Crucial Bitcoin (BTC) Metric Says Cycle Top Is Far Away
As the price of Bitcoin (BTC) stabilized above $51,000, 63% of its supply (by realized capitalization) did not move for at least six months in a row. This could indicate an ongoing distribution phase for Bitcoin (BTC), says on-chain analyst CryptoQuant.
CEO Ki Young Ju said today, February 17, 2024, that “we have a long way to go to reach the cyclical peak.” Over the previous three cycles, this metric was in the range of 5-15% near the top.
The realized capitalization ratio of Bitcoins (BTC) that remained dormant in the last six months is an important metric used to identify the current stage of its price cycle.
At the bottom of this cycle which was recorded in November 2022 after the collapse of the FTX/Alameda ecosystem, the metric was close to 80%.
Last week, Bitcoin (BTC), the largest cryptocurrency, rallied to levels not seen since December 2021 and stopped just short of the $53,000 level.
New Bitcoin (BTC) ATH Price Expected Early Q3 2024
The all-time record price of Bitcoin was recorded on November 10, 2021, at almost $69,000; today, BTC is changing hands 24% cheaper.
Typically, Bitcoin (BTC) surpasses the previous ATH in the 8th month after the halving. The next (fourth) BTC halving event will take place in April this year.
Combined with various hashrate and difficulty implications, this indicates the possibility of the next Bitcoin ATH arriving in the next six months, according to data from IntoTheBlock.
