In the ever-evolving world of cryptocurrency assets, determining The peak of bitcoin It has always been a topic of debate and a major challenge in the industry as the bull cycle continues to gain pace. However, one market expert who analyzes btc’s performance and key metrics has predicted that the digital asset is still far from reaching this peak of the ongoing cycle.
bitcoin is far from the top of this cycle
Recent data from the bitcoin Onchained Index reveals that btc could have a long way to go before reaching its cycle peak, indicating that the flagship crypto asset has significant upside potential following a steady price recovery over the past few days. This index, which typically monitors important indicators such as market trends, long-term holder sentiment, and network activity, suggests that bitcoin appears to be on a downward spiral. accumulation period instead of approaching a market peak.
Kyle Doops, market expert and host of crypto Banter, x.com/kyledoops/status/1827677316958327020″ target=”_blank” rel=”noopener nofollow”>shared Development on the x platform (formerly twitter) According to the expert, the Onchained Index is a state-of-the-art tool that uses investor behavior research to identify the ups and downs of the btc market.
Currently, Kyle Doops highlighted that the index shows that btc is still far from reaching its peak in this ongoing bull cycle and proves that the price could still increase by 2-3x before reaching its peak. Considering the current value of btc, this 2-3x growth puts the coin between $127,000 and $191,000 by the end of the bull cycle.
The expert considers the index to be a reliable indicator for smart investors, given its reliable and accurate performance over the past 13 years. As the largest cryptocurrency asset continues to regain its value, this index offers an optimistic outlook for the future trajectory of bitcoin.
The message read:
The “0nchained Index” is a cutting-edge tool that pinpoints the tops and bottoms of the bitcoin market by analyzing investor behavior. Right now, it indicates that we are far from the peak, suggesting a potential 2-3x price increase. With a track record of accuracy since 2011, it is a reliable indicator for smart investors.
In another x x.com/kyledoops/status/1827692424011088063″ target=”_blank” rel=”noopener nofollow”>mailKyle Doops also delved into the Short-term headlines bitcoin's market cap to realized value (STH-MVRV) ratio, which has recently fallen below 1.0. The falling STH-MVRV ratio simply means that new investors are accumulating losses.
As evidenced by this month's bitcoin plunge triggered by the Japanese stock market crash, this development, which is marked by unrealized losses, could sharpen selling pressure and increase the likelihood of panic and capitulation among these short-term holders.
btc price recovers strongly
After consolidating between the $58,000 and $60,000 price level for a while, bitcoin It finally broke out of the $65,000 zone on Sunday. With this renewed price momentum, the crypto asset could be poised for further gains in the coming days.
Although btc Price It has dropped to around $63,800 today due to the strong resistance it faces at the $65,000 level, yet it is still up more than 8% in the past week, according to data from CoinMarketCap. Despite the price increase, its market cap and trading volume are down 0.32% and 4.38% over the past day.
Featured image from iStock, chart from Tradingview.com
