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CryptoQuant’s Quicktake: post Bitcoin (BTC), according to a report published today, may still be at the beginning of this current cycle. The key on-chain indicator suggests there may be one last leg for Bitcoin (BTC) before the bull market ends.
Bitcoins to reach new peak soon?
CoinGecko data shows that Bitcoin’s value has fallen by more than 23 percent since its recent high of $108 786 on January 8th. This top digital currency has been impacted by global macroeconomic uncertainty, especially those related to US president Donald Trump’s tariff policies.
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CryptoQuant’s Crypto Dan is still optimistic about Bitcoin despite the recent pullback. room to run. He pointed out in a Quicktake that the BTC traded volume over the past six-to-12 months is a key indicator for the market’s progress.
The ratio represents the new capital that enters the market at any given time and historically has been closely correlated to market movement. Crypto Dan states:
Usually, the ratio begins to fall, signaling the end of early bull cycles. The ratio then declines, reaching an even lower level after some time. This marks the end bull cycle.
The market usually gains momentum after the first drop in the ratio. The second leg tends to draw retail investors and latecomers, whose involvement sends BTC up to new heights.
As the market’s euphoria peaks and the distribution phase starts, volume ratios experience a sharper second decline. Finaly, the second fall in the ratio signifies the end bull cycle. It also precedes an important market correction.
According to the following chart, BTC hit a critical midpoint in March 2024, when the six to 12-month volume ratio experienced its first notable decline – consistent with patterns observed in previous cycles. It appears that the ratio is now entering its second final dip and could be leading Bitcoin to this cycle’s ultimate peak.
BTC Holders Seeing Current Pullback As Temporary
Bitcoin investors are predicting a short-term correction in the market. Recent analysis conducted by CryptoQuant contributor Onchained revealed that short-term BTC holders are continuing to hold their coins despite being in a loss – possibly in anticipation of an upcoming bullish reversal.
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Exchange net flow data points A possible price rally could indicate reduced selling pressure. BTC was trading at $82,086, a 1.5% drop in the past 24 hours.
Charts from TradingView.com and CryptoQuant.com.
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Source: www.newsbtc.com
