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According to QuickTake Cryptoquant mail Bitcoin (BTC) was published earlier today, may not have reached the height of the current market tournament yet. The main scale on the series indicates that there can be one final match for the leading cryptocurrency before this market concludes.
Bitcoin to strike New Peak soon?
Data from Coingecko shows that Bitcoin has decreased more than 23 % since it reached its highest level (ATH) of 108,786 dollars, on January 8. The higher digital assets were greatly affected by the global inequality of the macroeconomic economy, especially those related to the new American policies Donald Trump.
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Despite the decline, Cryptoquant Crypto Dan believes that Bitcoin may still have Bitcoin. Running room. In a recent rapid publication, he pointed to the BTC volume ratio circulated over a period from six to 12 months as a crucial indicator to develop the current market cycle.
This percentage reflects the amount of the new capital that enters the encryption market during the session, and has been historically associated with market movements. According to Crypto Dan:
This percentage usually decreases first, indicating the end of the early stage of the bull cycle. After some time, it decreases again, as it reaches a lower level than the first decline, which represents the end of the bull cycle.
After the first decrease in the ratio, the market often regains the bullish momentum. Later, the second station of the gathering tends to attract the match and investors in the retail that sends their BTC participation to its highest new levels.
Finally, when the market euphoria begins in the peak and the distribution stage begins, the volume suffers from a more clear decrease. Finally, the second decline in the ratio is the end of the bull cycle and precedes a significant correction in the market.
According to the following plan, BTC achieved a critical mid point in March 2024, when a volume from six to 12 months saw the first noticeable decline-in line with the patterns observed in previous sessions. The ratio now appears to enter its second and final decline, which may lead to bitcoin towards the final peak of this session.
BTC holders see the current decline temporarily
Multiple indicators indicate that bitcoin holders see the continuous market correction in the short term. For example, modern analysis by Cryptoquant Onchained shareholder open The short-term BTC holders continue to hold their coins despite their loss-in anticipation of a upcoming upcoming reflection.
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In addition, exchanging clear flow data points Towards a potential price gathering, indicating low selling pressure. At the time of the press, BTC is trading at 82,086 dollars, a decrease of 1.5 % in the past 24 hours.
A distinctive image of Unsplash, plans from Cryptoquant and TradingView.com
