Bitcoin Bull Market Cycle Not Over Yet, Says CryptoQuant Analyst

According to PANews, CryptoQuant analysts believe that the Bitcoin bull market cycle is

2024-03-25 10:46:08   作者:  Plbbdwl

According to PANews, CryptoQuant analysts believe that the Bitcoin bull market cycle is not over yet, as the price valuation indicators are still far from the peaks of past bull markets. After Bitcoin reached a historical high of $73,700, it entered a price correction period, with miners, 'whales,' and other market participants, including large investors, beginning to sell their Bitcoin to realize profits. CryptoQuant also found that the unrealized profit rate soared to 69%, the highest level since March 2021, when Bitcoin's trading price was around $60,000. Despite traders selling off assets, the unrealized profit rate remains as high as 47%. In the long term, Bitcoin has not yet touched the top of this bull market cycle, which is also reflected in the low level of new investment flows. Currently, about 48% of Bitcoin investments come from short-term investors, while historically, the bull market cycle ends when short-term investors account for 84%-92% of investments. In addition, the valuation indicators have not yet approached the levels consistent with past bull market peaks.

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