Why The 4-Year Crypto Cycle Is A Thing Of The Past: Top-Analyst

The long-held belief in the crypto market’s predictable four-year cycle, characterized by distinct phases of accumulation, uptrend, distribution, and downtrend, is being questioned by top-analyst Jordan Fish, better known as Cobie. He articulated an argument that challenges this traditional view, suggesting that the concept of a cyclic market may no longer hold true. Cobie ignited a debate on X (formerly Twitter) with his assertion, “Unironically [the bull run] has not even started yet.” This statement was met with incredulity by some, such as Maher Abdelsala, who remarked, “Brother people think you are serious lol.” Cobie clarified his stance, stating, “I am serious! Increasingly I like the argument that this is not even a ‘cycle’, really, but it’s more like 2019 with leverage and ETFs.” The End Of The Traditional Crypto Cycle? Cobies perspective hinges on the notion that the structural dynamics of the crypto market have fundamentally changed. He draws parallels to the market conditions of 2019, but with significant differences influenced by the proliferation of leverage and the introduction of spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs). “Was 2019 a new ‘cycle’ or was it part of the bear market?” Cobie pondered. “Floated this idea to a few people in March but everyone told me I was an idiot, which I am, but still it was quite rude to say that to my face.” Related Reading: Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000 The introduction of ETFs and the increased use of leverage have brought new complexities to the market. These instruments have changed how capital flows into and out of the crypto ecosystem, creating a less predictable and more fragmented market landscape. Cobie emphasized, “Of course if we’re in 2019-looking-2024, it doesn’t mean 2020 plays out the same way, because structurally so much is different now with ETFs and high FDVs and shit, probably too difficult to pattern match too much stuff about the future.” Cobies analysis suggests that the current market exhibits a high degree of dispersion, where various assets behave differently rather than moving in unison as seen in previous cycles. This dispersion makes it challenging to identify a single driving force or pattern that governs the entire market. “I think this cycle is so unlike any other cycle it’s probably better to just stop thinking of cycles altogether,” Cobie stated. “It’s clear there is no one single thread pulling everything forward like it did before.” Related Reading: Not All Hope Is Lost: Crypto Analyst Weighs In On The Markets Performance This view is reinforced by the performance of certain cryptocurrencies. For instance, Chainlink (LINK) and Dogecoin (DOGE) are cited by Cobie as examples where the traditional hype and subsequent price appreciation may no longer apply. He explained, “I think there’s a very strong likelihood stuff like that could potentially never make new highs again and LINK could just keep existing as a wildly successful oracle without the price appreciation.” The Echo Bubble Phenomenon In the context of market maturity, Cobie referenced the concept of the “echo bubble,” popularized by the renowned trader GCR (Global Coin Research). The echo bubble theory posits that a smaller bubble follows the burst of a larger one, as observed in 2019 following the massive rally in 2017. Cobie expressed surprise at GCR’s recent market behavior, noting, “I actually found it pretty weird GCR kept talking about the echo bubble when he was bullish at the picobottom but then when shit started getting silly he just bought the dogwithhat NFT and broke his hiatus to come and tell people not to sell.” Overall, Cobie believes that the market is currently in a “multi-month/quarter cool-off reaccumulation period” for Bitcoin. He expects Bitcoin to trade within a range of $45,000 to $70,000, with a possibility of a brief breakout to new highs. However, he is pessimistic about the future of many altcoins, particularly those that have survived multiple market cycles. “I def think all the sudden memecoin theses marked an intermediary top for overall risk appetite, and everyone has been conditioned to max long as soon as they think we’re ready to go for it again.” He anticipates that many of these older altcoins will “slowly bleed away and become irrelevant” as speculative investments. This outlook suggests that the market’s risk-on paradigm, characterized by rapid and extensive price increases, may not resume anytime soon. He concludes, “So long story short I think we need a lot more time before the (real) risk on paradigm starts again and I expect more downside to come before it happens.” At press time, Bitcoin traded at $51,104. Featured image from iStock, chart from TradingView.com

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Bitcoins bull rally will continue another 350 days: Bybit

Bitcoin's 2024 bull run was mainly driven by institutional inflows, which could be the key to unlocking the next leg up.

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Why This Crypto Bull Run Might Not Live Up To The Past: Analyst

In a detailed analysis shared with his 788,000 followers on X (formerly Twitter), renowned analyst Pentoshi has forecasted a more restrained outlook for the current crypto bull run, suggesting that it may not mirror the explosive growth seen in previous cycles. His insights provide a deep dive into the underlying factors that could temper the market’s performance. Why Crypto Investors Have To Expect Diminishing Returns Pentoshi began his analysis by stating, “This cycle should have the largest diminishing returns of any cycle,” attributing this prediction to several key market conditions. Primarily, he noted that the base market capitalization for cryptocurrencies has increased significantly in each successive cycle, setting a higher starting point that makes further exponential growth increasingly challenging. “Each cycle has set a floor about 10x the previous lows in terms of market cap,” Pentoshi explained. He provided a historical context, recounting that when he entered the crypto market in 2017, the market cap for altcoins was only around $12-15 billion, a figure that ballooned to over $1 trillion during peak periods. He argued, “That growth isn’t repeatable,” pointing out that the decentralized finance (DeFi) sector, which was then nascent, played a significant role in driving previous cycles’ exceptional returns. Related Reading: Buy Crypto In May, Go Away: Arthur Hayes Shares His Top Altcoin Picks Another significant factor Pentoshi highlighted is the dramatic increase in the number of altcoins and the corresponding market dilution. “Today, however, there are a lot more alts, and a lot more dilution,” he remarked, indicating that the proliferation of new tokens spreads investment thinner across the market, reducing the potential for individual tokens to achieve substantial price increases. Pentoshi also touched upon the demographic shifts in crypto ownership. He contrasted the early days of crypto adoption, when approximately 2% of Americans were involved in the market, to the present, where over 25% of Americans have some form of crypto investment. “It just requires more capital to move the markets, and there will continue to be a lot more alts, spreading it out further,” he noted, emphasizing the logistical and financial challenges of replicating past growth rates in a much more saturated market. An often-overlooked aspect of market dynamics, according to Pentoshi, is the role of token liquidity and its impact on price stability. He detailed that recently, tokens amounting to about $250 million were unlocked daily, though not necessarily sold. “Assuming they all got sold, that is the inflows you’d need just to keep prices stable for 24 hours,” he explained, highlighting the delicate balance required to maintain current market levels, let alone drive prices upward. Related Reading: Crypto Prediction Website Reveals When The Cardano Price Will Reach $45 Looking forward, Pentoshi was conservative in his expectations for the Total3 index, which tracks the top 125 altcoins (excludes Bitcoin and Ethereum). He estimated, “My best guess is that this cycle we don’t see Total 3 go 2x past the 21′ cycle ATH. So 2.2T max for Total3.” This projection underscores his broader thesis that while the market continues to offer daily opportunities, the era of “easy, outsized gains” might be behind us. Pentoshi concluded his analysis with advice for investors, suggesting a more cautious approach to market participation. “If you believe the cycle is 50% over, you should be taking out more than you are putting in and building up some cash and buying other assets with lower risk in the meantime,” he advised, stressing the importance of securing gains and diversifying holdings to mitigate risk. Reflecting on the psychological aspects of investing, he added, “Most people never really learn. Because if you can’t control your greed, and defeat it, you are destined to give back your gains repeatedly.” His parting words were a reminder of the cyclical and often predatory nature of financial markets, urging investors to secure profits and protect themselves from foreseeable downturns. At press time, TOTAL3 stood at $635.565 billion, which is still more than -43 % below the last cycle high. Featured image from iStock, chart from TradingView.com

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Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?

On-chain data suggests the Bitcoin whales have been showing different behavior regarding exchange inflows from the last cycle. Heres why this may be so. Bitcoin Whales Are Showing Different Behavior In Exchange Inflows This Time As an analyst explained in a CryptoQuant Quicktake post, the BTC whales movements have been different this time compared to [...]

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Bitcoin 2 Months Through Euphoria Wave, How Long Was The Last One?

On-chain data shows Bitcoin has been going through a euphoria wave for two months. Heres how long it was in this phase during the last bull run. Bitcoin Has Been In Euphoria Wave Phase According To Supply In Profit According to the latest weekly report from the on-chain analytics firm Glassnode, the current BTC cycle [...]

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Stanford MBA Explains Why Next Bitcoin Cycle Could Be “Bigger”

A Stanford MBA has explained why the current Bitcoin cycle was different from the others, and why the next one could end up being bigger. This Bitcoin Cycle Faced Obstacles That May Not Be There Next Time A “cycle” for Bitcoin refers to the period between two consecutive halvings. The halvings, events where the rewards miners receive for solving blocks on the network are permanently slashed in half, are chosen as the start and end points for the cycles due to the immense significance they hold for the cryptocurrency. The rewards miners earn are essentially the only way new supply can be introduced into circulation, so since halvings cut these in half, the production rate of the asset itself gets tightened. Because of basic supply-demand dynamics, Bitcoin’s post-halving scarcity increases the asset’s valuation. It’s not a coincidence that the bull markets have always followed these special events. The halvings occur roughly every four years, with the next one being scheduled for next year. As BTC transitions towards a new cycle, Jesse Myers, a Stanford MBA, has released a new post that looks back at this cycle so far and compares it with the previous cycles. At first sight, one difference becomes immediately clear: the structure of the top during this past bull market wasn’t anything like what the previous cycles displayed. How the previous halving cycles looked like at the current stage | Source: Once-In-A-Species “Instead of a parabolic advance culminating in a blow-off top, we got a bi-modal rounded top spread out over six months,” notes Myers. So, why did the BTC price behave differently during this bull market? Well, there are mainly four factors at play here. The first and undoubtedly the biggest one would be COVID-19 and the US government’s response to it. The onset of the virus and the black swan crash that came with it just preceded the cycle, meaning that the cycle kicked off in anomalous conditions. During the cycle itself, the Fed was giving out stimulus checks as a way to mitigate the economic impacts of COVID. “That Quantitative Easing (QE) undoubtedly helped fuel the 2021 Bitcoin bull market,” explains the Stanford MBA. The problem came, however, when the Fed changed its policy and switched to Quantitative Tightening (QT). Interestingly, this switch appears to be what marked the Bitcoin top in November 2021. In the middle of all this, another factor was also at play: the May 2021 China ban on Bitcoin mining. Back then, China was the biggest hub of cryptocurrency mining, so the ban naturally delivered a significant shock to the sector. The resulting selling pressure crashed the market, leading to the bull rally prematurely halting. It wasn’t until three months later that bullish winds once again returned for the asset. While these factors have been quite influential for BTC, it’s apparent that they are unlikely to repeat, meaning they shouldn’t have any presence in the next cycle. On the contrary, the other two factors that made this cycle different are likely to appear in the next cycle as well. This previous bull market was the first one where investors widely used leveraged futures trading. Probably, leverage would again come into play in the next bull market. Related Reading: PEPE Whales Load Up Their Bags As Memecoin Jumps 13% Lastly, there is the fact that platforms like FTX issue a lot of “paper Bitcoin.” Supply equivalent to 25% of the mined BTC that year was owned by FTX’s customers, but this BTC didn’t exist; it was only there on “paper.” The analyst believes that such fudging will likely be present during the upcoming cycle. While there had been some developments in this cycle that ultimately shortened the bull market, some changes can be favorable for the next cycle. The Bitcoin supply is quickly moving off exchanges, and the HODLers getting hold of the majority of the supply has often been making the news recently. Still, there is another super exciting factor. Accumulation from the small investors | Source: Once-In-A-Species According to this chart from Glassnode, the relatively small entities on the network (holding less than 100 BTC) have been accumulating 275% of all Bitcoin being mined. The fact that this rate is more than 100% suggests that the smaller investors are taking coins off the likes of whales. “This has never happened before. We have reached some kind of inflection point,” says Mjers. Soon the halving will occur, and this supply shock brewing in the market will only get tighter. Perhaps the smaller investors are looking to get in before this happens. Related Reading: Bitcoin Rally May Not Resume Until This Happens Mjers mentions, however, that these individuals aren’t the only ones catching on; asset managers like Blackrock are also coming around and pushing to get themselves into the industry. As mentioned before, the QT policy proved disastrous for BTC in this cycle, but a shift back towards QE may be imminent, which would naturally boost the market instead. The analyst thinks this event might coincide with the upcoming halving of the cryptocurrency. Now, based on all these factors, these are probabilities that Mjers has assigned to the different price range predictions for the next cycle: The likeliness of each price range | Source: Once-In-A-Species The Stanford MBA believes that a growth of more than 8x, a multiplier higher than what the current cycle saw, is the second most probable scenario, given all the potentially positive developments. A cycle outperforming the previous has never happened in the cryptocurrency’s history, so if this scenario happens, it would be a first. BTC Price At the time of writing, Bitcoin is trading around $29,300, down 2% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com, onceinaspecies.com

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‘Bitcoin only’ buy-and-hold investment strategy outperforms altcoins over the long term — Analysis shows

Altcoins offer diverse, innovative features, promising technological advancements, and potentially lucrative investment opportunities. Many-a-time specific altcoins post handsome gains that surpass Bitcoin (BTC), popularly known as altcoin season. However, K33 Research analysis shows over the long-term, ‘Bitcoin only’ has been a better investment strategy than an altcoin portfolio. Altcoin portfolio underperformed Bitcoin over the long [...]

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Glassnode Points Out This Bizarre Consistency In Bitcoin Cycles

Glassnode has pointed out a bizarre consistency between the current and previous Bitcoin cycles in terms of a metric, here’s what. Bitcoin Breaks Above 200-Day Simple Moving Average Line A “simple moving average” (SMA) is an analytical tool that produces an average of any given quantity over a specific period of time. As its name already implies, it moves along with the quantity and changes its value accordingly. SMAs can be quite useful for studying long-term trends, as they smooth out the curve and filter out any short-term fluctuations in the relevant quantity that have no bearing on the longer trends anyways. As is usually the case with tools like these, an SMA can be taken for any length of time, but a few periods like 7 days and 30 days generally find the most use. According to data from the on-chain analytics firm Glassnode, BTC has spent 381 days under its 200-day SMA curve in this cycle. The 200-day SMA is an important line for BTC as both the bear-to-bull and vice versa transitions have historically taken place with breaks above or below this level. Related Reading: Bitcoin Miners Show Signs Of Dumping, Bad For Rally? Here is a chart that shows the trend in the 200-day SMA for Bitcoin over the last few years: The value of the crypto seems to have broken above the 200-day SMA in recent days | Source: Glassnode on Twitter As displayed in the above graph, the Bitcoin price had dipped below the 200-day SMA around the start of the bear market and had stayed there until very recently. In total, the crypto had spent 381 days below this level, before the latest rally came along and helped the coin finally escape above this line. In the chart, Glassnode has also highlighted the trend for the metric during the previous bear market. It looks like in that cycle as well, the crypto’s price had declined below the 200-day SMA as the bear began to take hold. Also, the eventual break above the level leads to the end of the bear market for the coin back then. Related Reading: Bitcoin Price Resumes Increase as The Crypto Bulls Take Control However, the most interesting of all is the duration that Bitcoin stayed below this level in that cycle: 386 days. Amazingly, this is very nearly the same number of days (381) that BTC took to break above the line in the current cycle. If this bizarre consistency is anything to go by, then the latest push above the 200-day SMA could mean the current bear market might be done as well. The chart also shows data for an indicator called the “Mayer Multiple” (MM) which gauges the current distance between the price of Bitcoin and the 200-day SMA. Its value is simply calculated by dividing the value of the crypto by the 200-day SMA. Bottoms in the crypto have usually taken place below the 0.8 MM level, which BTC is now firmly above. BTC Price At the time of writing, Bitcoin is trading around $20,800, up 21% in the last week. BTC consolidates just below $21,000 | Source: BTCUSD On TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Glassnode.com

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Bitcoin Crashes, Fear SpikesBut This Analyst Sees $153,000 Ahead

In his latest video update, long-time market analyst and self-described four-year cycle trader Bob Loukas delivered a breakdown of Bitcoins current trajectory. Despite a roughly 22% pullback from its recent all-time high, Loukas asserts that the leading cryptocurrencys price action remains nothing we have not seen before. Loukas opened his video by acknowledging growing anxiety among traders following Bitcoins drop from around $110,000 to the mid-$80,000 range. However, he emphasized that such swings are a natural part of Bitcoins characteristic volatility. As I record this video Bitcoins at $87,000, down from an all-time high of around $110,000 which historically, even for this four-year cycle, is basically right on the averages [] a 20% drawdown from a high, he stated. Bitcoins Four-Year Cycles While Loukas emphasized that intracycle corrections of this magnitude should not come necessarily as a major surprise, he also acknowledged that deeper drops remain possible in the short term. In his assessment, a temporary cascade toward $80,000 or even the mid-$70,000swhich would reflect around a 30% drawdowncannot be ruled out: Theres no reason why this current move couldnt drop all the way down to the low $80,000s. Theres a more outside chance that it could also fall into the $70,000smaybe $75,000 or $73,000. Thats still within Bitcoins historical volatility range. According to Loukas, these corrective moves represent a routine fear reset. He contends that late buyers in the previous upswing often capitulate during such pullbacks. However, in the context of Bitcoins broader uptrend, he argues these phases have historically paved the way for fresh rallies. Related Reading: Bitcoin Headed For $72,000? These Metrics Could Hint So Loukas primarily frames his analysis around a four-year cycle, which he subdivides into shorter weekly cycles of roughly six months each. Each weekly cycle, he says, typically ascends for two-thirds of its duration and then declines for the remainder, resetting sentiment. Although the current pullback unsettles many traders, Loukas sees it as consistent with Bitcoins longstanding cyclical pattern: Unless you believe that the four-year cycle has peakedwhich I do notI see this as one of the normal, oscillating weekly cycle declines. Its the same E and flow weve witnessed so many times. Loukas revealed that his first sale target for the model portfolio is around $153,000 per Bitcoin, contingent on where this current decline bottoms. From the mid-$80,000s, his baseline scenario projects a potential 80% upward move during the next multi-week upswing. He emphasized that this number may be revised depending on how low Bitcoin drops during the present correction. Crucially, Loukas noted that he remains open to the possibility that the top could be in if the next rebound falters in a pattern known as a failed weekly cycle. He explained that once Bitcoin establishes a new short-term lowpotentially near $80,000 or into the $70,000sthe markets next test will be its recovery. If that bounce fails to surpass the prior high near $110,000 and subsequently undercuts the newly established low, it would signal deeper downside: If we see a sharp countertrend move that rolls over quickly, takes out the new weekly cycle low, thats extremely concerning. It would indicate a change in trend and possibly that the four-year cycle has already peaked. The Decoupling Of Bitcoin And Altcoins Although Loukas briefly mentioned the altcoin market, he highlighted how this cycle appears to be diverging from past altcoin frenzies. Loukas described a significant decoupling of Bitcoin from other digital assets, noting the lack of sustained retail or institutional interest in most alternative tokens: There isnt a retail case, there isnt a retail flow so many (altcoin) narratives have come and gone It looks as if the Trump coin was the top of that, which is probably not surprising in hindsight. He maintains that Bitcoin, meanwhile, is increasingly being viewed as a distinct, more mature asset class, capturing interest from pension funds, sovereign wealth managers, and institutions well outside the traditional crypto sphere. Related Reading: Strategy (MSTR) Crashes 55%Is A $44 Billion Bitcoin Liquidation Possible? According to Loukas, Bitcoins monthly chart shows no conclusive signs of a cycle top. He remains convinced the market has not fully played out the final leg of its historical four-year bull trend, which, in previous cycles, culminated roughly 35 months after the last bear market low. For context, he pointed out that the current cycles low took shape in late 2022, placing the next potential peak around the fall or early winter of 2025, if it follows established precedent: Were in year three of the cycle. Time-wise, if this follows prior four-year structures, we have another leg higher, possibly an aggressive one, heading into late 2025. But no cycle is guaranteed to rhyme perfectly. We stay alert and look for the warning signals of a final topuntil then, I see no reason to change the bullish view. Despite this bullish perspective, Loukas reiterated that no cycle framework is infallible. He outlined a scenario in which Bitcoins weekly cycle might failspecifically if a new short-term upswing is quickly reversed, setting a lower low. Such a move, he said, could herald a cycle-wide trend change. Still, in his judgment, probabilities favor a continuation of the uptrend: Until we have a top in the four-year cycle, I think we have to just grin and bear [the drawdowns] and see it through [] the timing suggests to me that we are experiencing one of these periods where we are in a declining phase into a weekly cycle low before moving higher. At press time, BTC traded at $86,562. Featured image created with DALL.E, chart from TradingView.com

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Has Bitcoin Reached Its Cycle Top? Insights From Leading Analysts

Bitcoin experienced extreme volatility yesterday after reaching a new all-time high of $104,088 on Wednesday. What followed was a textbook Darth Maul candle on the daily chart, as BTC plummeted from $103,550 to as low as $90,500 before stabilizing. While some observers initially read the move as a harsh rejection at the psychologically significant $100,000 level, leading analysts suggest this could represent a routine market flush-out rather than a cyclical peak. Could This Be The Bitcoin Cycle Top? Traders and analysts on X present a unified narrative: the abrupt spike and subsequent plunge were likely orchestrated by large players capitalizing on high-leverage traders. Veteran trader IncomeSharks (@IncomeSharks) stated, Bitcoin Classic Darth Maul. Correct me if Im wrong but I dont think weve seen an asset top with that kind of candle. Usually thats the punish late longers, trap the shorters, and send it higher candle. Another crypto analyst known as Astronomer (@astronomer_zero) added, Its just whales using the rinse high leverage button. Before continuing whatever it was meant to do. I would want to see the downside of that wick cleared, but that could be it too. Related Reading: Hut 8 Unveils $750 Million Initiative To Establish Strategic Bitcoin Reserve Tony The Bull Severino, CMT, underscored the scale of these moves, noting: An $11K Darth Maul on the Bitcoin daily chart. Stops on both sides were run. Incredible intraday volatility in Bitcoin. Welcome to what its like for BTC to be $100K. $10,000 moves in a day are now a thing. He followed up, $100K Bitcoin is the new $10K, sharing comparative charts from the 20202021 bull run and drawing parallels to the current price environment. Charles Edwards, founder of Capriole Investments, reinforced this historical context: Bitcoin. Yes, this is normal. Edwards posted a similar chart, recalling the volatility when BTC was at $10,000 as well as $1,000 in early 2017. Key indicators also remain suggestive of further upside. According to Matthew Sigel, head of research at VanEck, top signals are scarce at these levels. Aside from funding rates, which can stay elevated for some time, very few of our top signals indicators say the cycle is peaking. The path of least resistance is still higher, in my opinion. Related Reading: Bitcoin On Track To Replace Gold In 10 Years, Trading Firm Predicts Sigel referenced four key metrics: the MVRV Z-Score (still below 5), the Bitcoin Price SMA Multiplier (indicating room for further growth), subdued Google Trends, and Crypto Market Dominance at a mid-range level. These data points collectively imply that the current cycle may not be approaching its apex. Macro analyst Alex Krüger (@krugermacro) delivered another perspective: Being asked if that was the top so allow me to share my view. In my book the first levered flush out of a strong bull run, particularly one driven by strong fundamentals, does not mark the top. He noted that while the move was widely anticipated in general termsalbeit not precisely timedit does not alter the underlying strength of Bitcoins rally. Krüger added that the sudden retail pivot to older, dino altcoins might have signaled a local top for those assets, but not necessarily for Bitcoin: Nothing really has changed imo. Would have liked to see funding also reset on alts. Alas, we cant get it all. At press time, BTC traded at $98,146. Featured image created with DALL.E, chart from TradingView.com

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A 20%-30% Correction Is The Most Bullish Thing That Could Happen To Bitcoin Analyst

Bitcoin is navigating turbulent waters as its price continues to slide, searching for a stable support level amid growing uncertainty. The current downward momentum has sparked concerns among investors and analysts, with many questioning whether Bitcoin has reached its cycle top. Sentiment in the market has shifted dramatically, with fear replacing the once euphoric optimism that drove the cryptocurrency to recent highs. Related Reading: Chainlink Is Forming A Head-And-Shoulders Pattern Confirmation Could Take LINK To $14 Despite the unease, crypto analyst Ali Martinez offers a more optimistic perspective on the situation. In a recent analysis shared on X, Martinez suggested that a 20% to 30% correction could actually be the most bullish outcome for Bitcoin at this stage. He highlights how such pullbacks have historically set the stage for stronger rallies by shaking out weaker hands and allowing the market to reset before resuming its upward trajectory. As Bitcoins price action teeters on the edge of a potential breakdown, all eyes are on the key support levels that could determine the next move. Will Bitcoin confirm the fears of a cycle top, or will a healthy correction provide the foundation for the next leg of its rally? The coming weeks will be crucial in shaping the narrative for the worlds leading cryptocurrency. Bitcoin Correction Looms  Bitcoin appears on the verge of entering a critical correction phase, with the $92K level emerging as the line in the sand. Analysts and investors are increasingly concerned that a drop below this thresholdand potentially the $90K markcould trigger a wave of selling pressure, driving the price into sub-$80K territory. The growing fear has cast a shadow over Bitcoin’s bullish narrative as many brace for potential downside risks. Related Reading: ONDO Faces 30% Correction Risk If It Loses $1.46 Support Top Analyst However, not everyone sees this potential correction as bearish. Martinez offers a contrarian viewpoint, suggesting that a 20% to 30% correction could be the most bullish outcome for Bitcoin within the context of a bull trend. Martinez presented a compelling chart showcasing every Bitcoin correction exceeding 20% during past bull markets. His findings reveal that each of these corrections acted as a reset for the market, shaking out weaker hands and paving the way for stronger rallies. Martinez emphasizes that corrections are a natural and healthy component of Bitcoins price cycles, especially during bull runs. By allowing the market to recalibrate, they set the stage for sustained upward momentum. If Bitcoin does experience a significant pullback, it could be the precursor to a more robust and prolonged rally in the coming months. BTC Testing ‘The Last Line Of Defense’ Bitcoin is currently trading at $94,500, grappling with sustained selling pressure and bearish price action. The market sentiment has shifted significantly in recent days, with fears of a deeper retracement gaining traction among analysts and investors. Many believe that if Bitcoin loses the $92,000 mark, it could open the door for an accelerated decline. The $90,000 level is emerging as the critical support zone that Bitcoin must hold to maintain its bullish outlook. This level represents a psychological and technical barrier that could determine the cryptocurrency’s trajectory in the weeks ahead. If BTC manages to stay above $90K, analysts anticipate a strong recovery that could reignite bullish momentum and lead to a push toward previous highs. Related Reading: Ethereum Price Setting For a Big Move Breakout Or Downturn? However, the stakes are high. A decisive break below the $90,000 level would likely exacerbate selling pressure, driving Bitcoin into deeper correction territory. In such a scenario, prices could fall as low as $75,000, marking a significant pullback from recent highs. Featured image from Dall-E, chart from TradingView

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Is The Bitcoin Top In For This Cycle? On-Chain Signals You Need To Know

Bitcoins price retracement from its new all-time high of $108,353 on Tuesday to around $96,000 (a -11.5% pullback) has ignited intense speculation about whether the current bull cycle is nearing its peak. To address growing uncertainty, Rafael Schultze-Kraft, co-founder of on-chain analytics provider Glassnode, released a thread on X detailing 18 on-chain metrics and models. Where is the Bitcoin TOP? Schultze-Kraft asked, before laying out his detailed analysis. Has Bitcoin Reached Its Cycle Top? 1/ MVRV Ratio: A longstanding measure of unrealized profitability, the MVRV ratio compares market value to realized value. Historically, readings above 7 signaled overheated conditions. Currently hovering around 3 room to grow, Schultze-Kraft noted. This suggests that, in terms of aggregate unrealized profit, the market is not yet at levels that have previously coincided with macro tops. 2/ MVRV Pricing Bands: These bands are derived from the number of days MVRV has spent at extreme levels. The top band (3.2) has been exceeded for only about 6% of trading days historically. Today, this top band corresponds to a price of $127,000. Given that Bitcoin sits at around $98,000, the market has not yet reached a zone that historically marked top formations. 3/ Long-Term Holder Profitability (Relative Unrealized Profit & LTH-NUPL): Long-term holders (LTHs) are considered more stable market participants. Their Net Unrealized Profit/Loss (NUPL) metric is currently at 0.75, entering what Schultze-Kraft terms the euphoria zone. He remarked that in the 2021 cycle, Bitcoin ran another ~3x after hitting similar levels (though he clarified he is not necessarily expecting a repetition). Historical top formations often saw LTH-NUPL readings above 0.9. Thus, while the metric is elevated, it has not yet reached previous cycle extremes. Notably, Schultze-Kraft admitted his observations may be conservative because the 2021 cycle peaked at somewhat lower profitability values than prior cycles. I wouldve expected these profitability metrics to reach slightly higher levels, he explained. This may signal diminishing peaks over successive cycles. Investors should be aware that historical extremes may become less pronounced over time. 4/ Yearly Realized Profit/Loss Ratio: This metric measures the total realized profits relative to realized losses over the past year. Previous cycle tops have seen values above 700%. Currently at around 580%, it still shows room to grow before reaching levels historically associated with market tops. Related Reading: Bitcoin Crashes: Heres Where The Nearest On-Chain Support Is 5/ Market Cap To Thermocap Ratio: An early on-chain metric, it compares Bitcoins total market capitalization to the cumulative mining cost (Thermocap). In prior bull runs, the ratios extremes aligned with market tops. Schultze-Kraft advises caution with specific target ranges but notes that current levels are not close to previous extremes. The market remains below historical thermocap multiples that indicated overheated conditions in the past. 6/ Thermocap Multiples (32-64x): Historically, Bitcoin has topped at roughly 32-64 times the Thermocap. Were at the bottom of this range, said Schultze-Kraft. Hitting the top band in todays environment would imply a Bitcoin market cap just above $4 trillion. Given that current market capitalization ($1.924 trillion) is significantly lower, this suggests the possibility of substantial upside if historical patterns were to hold. 7/ The Investor Tool (2-Year SMA x5): The Investor Tool applies a 2-year Simple Moving Average (SMA) of price and a 5x multiple of that SMA to signal potential top zones. Which currently denotes $230,000, Schultze-Kraft noted. Since Bitcoins current price is well beneath this level, the indicator has not yet flashed an unequivocal top signal. 8/ Bitcoin Price Temperature (BPT6): This model uses deviations from a 4-year moving average to capture cyclical price extremes. Historically, BPT6 was reached in previous bull markets, and that band now sits at $151,000. With Bitcoin at $98,000, the market is still short of levels previously associated with peak overheating. 9/ The True Market Mean & AVIV: The True Market Mean is an alternative cost basis model. Its MVRV-equivalent, known as AVIV, measures how far the market strays from this mean. Historically, tops have seen more than 3 standard deviations. Todays equivalent amounts to values above ~2.3, while the current reading is 1.7. Room to grow, Schultze-Kraft said, implying that by this metric, the market is not yet stretched to its historical extremes. Related Reading: US Strategic Bitcoin Reserve Could Push Price To $500,000: Expert 10/ Low/Mid/Top Cap Models (Delta Cap Derivatives): These models, based on the Delta Cap metric, historically showed diminished values during the 2021 cycle, never reaching the Top Cap. Schultze-Kraft urges caution in interpreting these due to evolving market structures. Currently, the mid cap level sits at about $4 trillion, roughly a 2x from current levels. If the market followed previous patterns, this would allow for considerable growth before hitting levels characteristic of earlier tops. 11/ Value Days Destroyed Multiple (VDDM): This metric gauges the spending behavior of long-held coins relative to the annual average. Historically, extreme values above 2.9 indicated that older coins were heavily hitting the market, often during late-stage bull markets. Presently, its at 2.2, not yet at extreme levels. Room to grow, Schultze-Kraft noted, suggesting not all long-term holders have fully capitulated to profit-taking. 12/ The Mayer Multiple: The Mayer Multiple compares price to the 200-day SMA. Overbought conditions in previous cycles aligned with values above 2.4. Currently, a Mayer Multiple above 2.4 would correspond to a price of approximately $167,000. With Bitcoin under $100,000, this threshold remains distant. 13/ The Cycle Extremes Oscillator Chart: This composite uses multiple binary indicators (MVRV, aSOPR, Puell Multiple, Reserve Risk) to signal cycle extremes. Currently 2/4 are on, meaning only half of the tracked conditions for an overheated market are met. Previous tops aligned with a full suite of triggered signals. As such, the chart suggests the cycle has not yet reached the intensity of a full-blown peak. 14/ Pi Cycle Top Indicator: A price-based signal that has historically identified cycle peaks by comparing the short-term and long-term moving averages. Currently the short moving average sits well below the larger ($74k vs. $129k), Schultze-Kraft said, indicating no crossover and thus no classic top signal. 15/ Sell-Side Risk Ratio (LTH Version): This ratio compares total realized profits and losses to the realized market capitalization. High values correlate with volatile, late-stage bull markets. The interesting zone is at 0.8% and above, while were currently at 0.46% room to grow, Schultze-Kraft explained. This implies that, despite recent profit-taking, the market has not yet entered the intense sell pressure zone often seen near tops. 16/ LTH Inflation Rate: Schultze-Kraft highlighted the Long-Term Holder Inflation Rate as the most bearish chart Ive come across so far. While he did not provide specific target values or thresholds in this excerpt, he stated it screams caution. Investors should monitor this closely as it may signal increasing distribution from long-term holders or other structural headwinds. 17/ STH-SOPR (Short-Term Holder Spent Output Profit Ratio): This metric measures the profit-taking behavior of short-term holders. Currently elevated, but not sustained, Schultze-Kraft noted. In other words, while short-term participants are taking profits, the data does not yet show the kind of persistent, aggressive profit-taking typical of a market top. 18/ SLRV Ribbons: These ribbons track trends in short- and long-term realized value. Historically, when both moving averages top out and cross over, it indicates a market turning point. Both moving averages still trending up, only becomes bearish at rounded tops and crossover. No indication of a top at this time, Schultze-Kraft stated. Overall, Schultze-Kraft emphasized that these metrics should not be used in isolation. Never rely on single data points confluence is your friend, he advised. He acknowledged that this is a non-comprehensive list and that Bitcoins evolving ecosystemnow with ETFs, regulatory clarity, institutional adoption, and geopolitical factorsmay render historical comparisons less reliable. This cycle can look vastly different, yet (historical) data is all we have, he concluded. While numerous metrics show that Bitcoins market is moving into more euphoric and profitable territory, few have reached the historical extremes that marked previous cycle tops. Indicators like MVRV, profitability ratios, thermal metrics, and various price-based models generally suggest room to grow, although at least oneLTH Inflation Rateraises a note of caution. Some composites are only partially triggered, while classic top signals such as Pi Cycle Top remain inactive. At press time, BTC traded at $96,037. Featured image created with DALL.E, chart from TradingView.com

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A Bitcoin Reserve Act may end cryptos 4-year boom-bust cycle

The Bitcoin Reserve Act could break the Halving cycle. Is this four year cycle going to play out differently, will we enter the mythical Supercycle?

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Bitcoin To Hit $180,000 If These Cycle Top Indicators Are Absent, Says VanEcks Sigel

Bitcoin could soar to $180,000 in 2025 if key cycle top indicators remain muted, according to Matthew Sigel, Head of Digital Assets Research at VanEck. Speaking with podcast host Natalie Brunell, Sigel outlined a clear four-year pattern in Bitcoins price action that he believes has persisted through multiple market cycles. Why $180,000 Per Bitcoin Seems Plausible Sigel explained that Bitcoin tends to outperform nearly every other asset class for three years out of each four-year halving cycle, followed by a deep correction in the fourth year. Referencing a drawdown typically ranging from 60% to 80%, Sigel said this decline often arrives roughly two years after the BTC halving event. Since Bitcoins most recent halving took place in April 2024, Sigel sees 2024 and 2025 as potentially strong years. That down year typically is the second year after the halving, Sigel explained. The Bitcoin halving occurred in April of this year. So 2024 [will be a] strong year, 2025 should be a strong year. I think 2026, unless something changes, would be a down year. Related Reading: Can Bitcoin Hit $160,000 In 2025? Matrixport Thinks So Drawing on historical data, he recalled the smallest trough-to-peak appreciation in Bitcoins previous cycles, which was approximately 2,000%. Even if that figure halves to 1,000%, Sigel pointed out that Bitcoin could rise from a trough of around $18,000 to as high as $180,000 in the current cycle. So I see an upside to $180,000 this cycle, and I think thats likely to happen next year, Sigel added. He also emphasized that Bitcoins volatility means the price could overshoot or undershoot that number, but that $180,000 represents a plausible target for 2024 if the pattern holds and no major red light indicators appear. Sigel broke down what he sees as the most important topping signals for traders to watch. The first involves derivatives funding rates: if the annualized cost to hold bullish Bitcoin positions on leveraged markets pushes above 10% for longer than a couple of months, Sigel considers that a red flag. Some of those indicators include the funding rates. When the funding rate for Bitcoin exceeds 10% for more than a couple months, that tends to be a red light, Sigel warned and explained that recent market activity reset elevated funding rates: [Last weeks] washout eliminated that as well. So funding rates [are] not really flashing red. The second is the level of unrealized profits on the blockchain, where on-chain analysis can reveal whether market participants cost basis is so low that significant profit-taking might soon create selling pressure. Were not seeing scary amounts of unrealized profits [yet], Sigel noted. Finally, he said anecdotal evidence of widespread retail leverage or speculation could also flash warning lights. He explained that if all these risk indicators were to align at a certain price pointfor example, if Bitcoin hit $150,000 and these metrics pointed to a market tophe would be cautious. However, he said that if the price reached around $180,000 without those signals appearing, there might still be room for further appreciation. Related Reading: National Bitcoin Reserve Initiative: MP Satoshi Hamada Urges Japan To Take Action If we reach $180K and none of those lights are flashing, maybe we let it run. If all those lights are flashing and the price is $150K, Im not gonna wait, Sigel added. Next BTC Cycle Predictions He also explored the longer-term growth potential for Bitcoin by comparing it to golds market capitalization. Because about half of golds supply is used for industrial and jewelry purposes, he reasoned that the other half can be compared more directly to Bitcoins function as an investment and store of value. If Bitcoin were to reach a valuation comparable to that half portion of golds market cap, Sigel believes the price could trend toward roughly $450,000 per coin over the course of the next cycle. Taking an even more forward-looking perspective, he described VanEck’s long-term model in which global central banks might eventually hold Bitcoin as part of their reserves, even if just at a 2% weighting. Since gold constitutes about 18% of central bank reserves worldwide, Sigels assumption is that Bitcoins share would be far smaller by comparison. He also factored in the prospect that Bitcoin might one day serve as a settlement currency for global trade, potentially among emerging economic alliances such as the BRICS nations (Brazil, Russia, India, China, and South Africa), which could push its valuation significantly higher. In VanEcks calculations, this scenario might place Bitcoin at $3 million per coin by 2050: We also assume that Bitcoin is used as a settlement currency for global trade, most likely among BRICS countries. We get to three million dollars a coin by 2050, which would be about a 16% compound annual growth rate. At press time, BTC traded at $107,219. Featured image from YouTube / Natalie Brunell, chart from TradingView.com

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Bitcoin was pronounced dead 415 times, now it battles for $100K

Based on the growing global money supply projected to peak at $127 trillion in January 2026, some analysts predict a Bitcoin cycle top above $132,000.

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Bitcoin Data Reveals Bulls Are Growing But Still Behind March 2024 Peak Details

Bitcoin has proven unstoppable, breaking all-time highs five times in six days and surging past the $82,000 mark. This latest milestone cements Bitcoin’s momentum as it pushes into uncharted territory, capturing the bulls’ attention and sparking new levels of optimism in the market.  According to recent data from CryptoQuant, the number of bullish investors is growing rapidly, yet theres reason to believe Bitcoins rally is far from over. Related Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH Time To Buy Altcoins? CryptoQuants insights indicate that BTC remains significantly below its March 2024 peak in several key metrics, which suggests that Bitcoin may still have room to climb within this cycle. This gap highlights that, despite the impressive gains, Bitcoin could still be building toward a true cycle peak, with potential gains yet to be realized.  As investor sentiment strengthens and Bitcoin shows resilience at each new level, the market watches closely for signs of continued upward momentum. The next few days will be crucial in determining just how far Bitcoin can go as it solidifies its place in the next phase of this bull run. Bitcoin Bulls Enter The Room Bitcoin bulls have returned after eight months of sideways consolidation and significant selling pressure. With Bitcoin now trading 11% above its previous all-time high from March, market sentiment has turned decisively bullish, marking the start of a new trend.  According to data from CryptoQuant analyst Axel Adler, the number of bullish investors in the market is steadily rising, signaling growing confidence. However, despite this uptick, the current rally lacks the frenzied demand seen during the March 2024 rally, when both retail and institutional interest reached euphoric levels. Adlers data indicates that while bulls have a strong foothold in the market, the pace of accumulation by new retail and institutional participants is still relatively modest. This gap between the current market dynamics and those seen in March suggests that Bitcoins latest surge may be just the beginning rather than the end of its upward trajectory in this cycle.  Related Reading: Cardano Skyrockets Over 40% Funding Rate Suggests Further Upside The slower but steady rise in buying interest could indicate that Bitcoin is still in the early stages of this bullish phase, with room for further growth before reaching a cycle peak. For investors, this could present a promising opportunity. The subdued retail and institutional excitement level suggests that Bitcoin has yet to capture mainstream attention as it did during previous peaks. If demand rises gradually, Bitcoin may experience sustained growth over the coming months, potentially reaching new highs as momentum builds.  BTC Setting New High Bitcoin recently set a new all-time high above $82,000, which many investors previously viewed as a likely local top. However, BTCs price action remains robust, and it may be too soon to call for a definitive peak.  Despite this upward momentum, a potential pullback to $77,000 could be on the horizon, as there is an unfilled gap in the CME futures market between $77,000 and $81,000a technical level that often attracts price action as traders look to close the gap. This week will likely bring significant volatility as bulls control the market. With Bitcoin in uncharted territory, some investors may seize the opportunity to lock in profits, which could introduce selling pressure.  Related Reading: Avalanche Nears Breakout Top Analyst Sets $420 Target For AVAX This Cycle Nonetheless, the dominant trend is bullish, and a brief correction to $77,000 could provide a foundation for further upside. Bitcoins strength remains intact for now, but all eyes will be on how it responds to the volatility and whether it can maintain this high range or dip slightly before resuming its climb.  Featured image from Dall-E, chart from TradingView

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This Bitcoin Rally Is Similar To Genesis Points Of Historical Uptrends: Glassnode

Data from Glassnode reveals that the structure of the current Bitcoin rally is looking similar to the genesis points of historical uptrends. Bitcoin Recovery Since November Lows Is Reminiscent Of Past Rallies In its latest weekly report, the on-chain analytics firm Glassnode has looked into how the current Bitcoin rally lines up against similar rallies that the cryptocurrency observed during the previous cycles. To make this comparison, the analytics firm has taken the data for the performance of the coin starting from the all-time high in each cycle. Here is a chart that shows how the past bear market rallies have looked like in terms of this metric: The bear market rally performance throughout the different cycles | Source: Glassnode's The Week Onchain - Week 28, 2023 Note that only the upwards performance of Bitcoin is being considered here, and the drawdown has been excluded. From the chart, it’s visible that during all the cycles, gains after the ATH was set disappeared in time as the bear market went into full gear. Soon after the bear bottom formation took place, these cycles saw the asset experiencing a recovery rally. In the current cycle so far, it’s not completely certain yet if the November 2022 low seen after the FTX crash was indeed the cyclical bottom. However, if it’s assumed that this low was indeed the bottom, then the rally that has been going on in the past few months would take the role of the recovery rally in the current cycle. Related Reading: Bitcoin NVT Golden Cross Says BTC Is Overpriced, Decline Soon? Interestingly, so far, the cryptocurrency has seen an uplift of 91% since the aforementioned bottom, which is very similar in scale to the recovery rallies of the past cycles. “With the exception of 2019, all prior cycles which experienced a similar magnitude move off the bottom, were in fact the genesis point of a new cyclical uptrend,” explains Glassnode. The reason 2019 was different is that the April 2019 rally (which may have normally acted as the recovery rally from the bear market bottom) ran out of steam before long and the price subsequently declined. The drawdown was then extended in March 2020 as the crash due to the emergence of COVID-19 took place. It’s the recovery rally from this crash that ended up leading to the 2021 bull market. Naturally, if the pattern of the first two Bitcoin cycles is anything to go by, the current recovery rally structure may mean that the asset is now on its way toward a cyclical uptrend. Related Reading: XRP FUD Spikes, Will This Trigger A Price Reversal? The analytics firm has also looked at the rally from another angle: this time in terms of the drawdown (that is, the negative performance). The drawdowns across the bull markets | Source: Glassnode's The Week Onchain - Week 28, 2023 As displayed in the graph, the Bitcoin rally has seen a peak drawdown of just 18% so far, which is clearly much less than what the previous bull markets saw. “This perhaps suggests a relatively strong degree of demand underlies the asset,” suggests Glassnode. BTC Price At the time of writing, Bitcoin is trading around $30,400, down 2% in the last week. BTC has continued its sideways movement recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com

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On-Chain Indicator Signals Bitcoin Cycle Top Is Far Ahead Data Confirms Bullish Outlook

Bitcoin currently ranges between $65,000 and $69,500 following two weeks of bullish price action, sparking renewed optimism among analysts and investors. The prevailing sentiment is that BTC is on the verge of reaching new all-time highs in the coming weeks, with confidence building that Marchs cycle top predictions may have been premature.  Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally Key metrics from CryptoQuant reveal that Bitcoin is still far from typical cycle-top conditions, instead signaling a bullish outlook as we move into November. As the U.S. election approaches November 5 and macroeconomic factors continue to shift, price action is expected to remain unpredictable and volatile. Market participants are watching closely, expecting that geopolitical and economic events could influence BTCs trajectory. Given this context, many believe the next major move for Bitcoin could catalyze a fresh leg up, potentially breaking through previous highs. Bitcoin Calm Before The Storm? Bitcoin is holding firm above $67,000, showing resilience as it edges to a potential breakout above $70,000. However, the current price action indicates that Bitcoin may consolidate below this key level before moving up to new highs in the next leg. Market participants closely watch BTCs behavior around these price levels, as a sustained push above $70,000 could set the stage for significant gains. CryptoQuant analyst Axel Adler recently shared critical insights on X, highlighting the current Long-Term Holder (LTH) to Short-Term Holder (STH) SOPR Ratio, which sits at 1.8. This metric is often used to gauge selling pressure and market sentiment, with higher levels indicating increased profit-taking that could signal a market peak.  According to Adler, when this ratio climbs to around 7, Bitcoin will be nearing a cycle culmination. The ratios bullish cross with its 90-day moving average reflects a positive outlook, supporting the narrative that BTC remains well below its cycle top. Related Reading: Number Of Bitcoin Bulls Increases As Funding Rate Shows Steady Growth Details This metrics movement and broader market strength paint a favorable picture for Bitcoins price action in the coming weeks. The data suggests that Bitcoin still has room to grow within this cycle, providing confidence to long-term holders and investors looking for continued upside. BTC Technical Levels Bitcoin is trading at $67,500, facing challenges after failing to maintain its bullish structure on the 4-hour chart. The price couldnt set a new high above $69,500, marking a potential shift in momentum. A crucial support level now sits at $65,000, the local low that previously held the bullish trend intact. Holding above this level is essential to prevent a broader retrace and maintain confidence among bulls. Currently, price action remains indecisive, leaving the direction for the coming days unclear. A breakout above $69,500 would restore the bullish structure, likely drawing more buyers into the market and signaling another rally attempt. Conversely, a break below the $65,000 support would signal a retrace, potentially leading BTC to lower demand zones as bulls look to regroup. Related Reading: Solana Stays Strong Despite BTC Drop $176 Next? The current consolidation phase highlights the importance of these levels in determining Bitcoins short-term trajectory. With both bulls and bears vying for control, BTCs ability to hold above $65,000 will be crucial to retaining bullish sentiment. Featured image from Dall-E, chart from TradingView

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Bitcoin Shows Parallels With 2017 Cycle, Here’s What Can Happen Next

A quant has pointed out parallels between the current and the 2017 Bitcoin cycles, something that may contain hints about what’s next for the asset. The Current Bitcoin Cycle Has Shown Interesting Parallels With The 2017 Cycle As explained by an analyst in a CryptoQuant post, there have been five interesting recent events in the [...]

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Bitcoin Rally May Not Have Hit Top Yet, Here’s Why

The historical pattern in this Bitcoin on-chain indicator may suggest that the ongoing rally hasn’t reached its top yet. Bitcoin 1-Year Inactive Supply Has Continued To Go Up Recently According to a post from the on-chain analytics firm CryptoQuant, the 1-year inactive supply hit a high back in March of this year. The “1-year inactive [...]

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