Typically, Bitcoiners (BTC) transfer their reserves more aggressively as the price approaches the cycle peak. According to the CEO of CryptoQuant, the current scenario is far from that of ecstasy. However, evidence suggest that a new all-time high might come within a few months.
Bitcoin (BTC) crucial metric says cycle top is very far
As the Bitcoin (BTC) price stabilised over $51,000, 63% of its supply (by realised capitalization) remained unchanged for at least six months in a row. CryptoQuant, an on-chain expert, believes this might indicate that Bitcoin (BTC) is still in the distribution phase.
CEO Ki Young Ju stated today, February 17, 2024, that “we have a long way to reach the cyclical top.” For the preceding three cycles, this statistic was near the top, ranging from 5 to 15%.
The realised cap ratio of Bitcoins (BTC) that have remained inactive for the past six months is a key indicator used to determine the present stage of the price cycle.
https://x.com/ki_young_ju/status/1758708371505754479?s=20
The statistic reached around 80% at the bottom of this cycle, which occurred in November 2022, following the collapse of the FTX/Alameda ecosystem.
Last week, Bitcoin (BTC), the world’s largest cryptocurrency, returned to levels not seen since December 2021, coming up just short of $53,000.
New Bitcoin (BTC) price ATH expected in early Q3, 2024
https://x.com/intotheblock/status/1758537699907010652?s=20
Bitcoin’s historic price record was set on November 10, 2021, at about $69,000; currently, BTC is trading at 24% less.
On the eighth month after the halving, Bitcoin (BTC) often exceeds the previous all-time high. The next (fourth) BTC halving event is scheduled for April this year.
Combined with multiple hashrate and difficulty implications, IntoTheBlock data suggests that the next Bitcoin ATH might occur within the next six months.
