It is important to note that the word “you” means “you”. price of Bitcoin The market has returned to its choppy condition and any hope of seeing a new breakout at highs is now gone. It is good to know that even though Bitcoin is slowing down, this bull market cycle might not yet be finished.
The latest observation on the blockchain shows that Bitcoin is going through an a “euphoria wave” Over the past couple of months. The current bullish trend is impacted by this particular phase.
How Old Is The Current Bitcoin ‘Euphoria Wave’?
Blockchain intelligence firm Glassnode revealed A post made on the X Platform stated that Bitcoin had entered the euphoria stage of the market cycle. This observation on the chain is based upon “Percent Supply in Profit” The profit percentage is calculated by measuring the current value of Bitcoin relative to the supply total.
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Glassnode claims that the “Euphoria Wave” This period is defined as one in which profits fluctuate around 90 percent. This phase usually lasts from 6 to 12 month and is characterized with increased investor sentiment as well as increased market speculation.
Glassnode shows data that shows that 93.4 percent of Bitcoin’s supply currently is in green. Euphoria Wave It is a good idea to use a bilingual translator “relatively young”. On-chain analytics noted that the phase of euphoria has been active only for two and half months.
The Euphoria Wave, like every other phase of the market cycle will come to an abrupt end. The euphoria wave can be a sign of a top and it is often followed by the cooling off phase, marked by the decline in Bitcoin’s price.
If the last cycle – with a 6-month Euphoria Wave – is anything to go by, then there might still be about three to four months in the current bull run. Finality, profitability may play a pivotal role in the future of the leading cryptocurrency. bull cycle The overall trajectory of the future.
Rise Of BTC Accumulation Addresses Continued In May: Analyst
A continuous rise of accumulation addresses can be a sign of a bullish attitude towards Bitcoin. According to a CryptoQuant on-chain analyst, the number of BTC accumulation address has increased significantly.
The analyst pointed out It is encouraging to see that this trend continues despite BTC’s relative slowness in price movement. The large Bitcoin holders also continue to load their bagsSignificant purchases have been made in the last month.
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Bitcoin’s current value is $67,744, which represents a 0.4% rise in just the past 24 hours. Data from CoinGecko shows that the first cryptocurrency has risen by around 15% over the last month.
Featured image is from iStock. Chart from TradingView
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Source: www.newsbtc.com
