CryptoQuant has made a forecast for Bitcoin reaching a new peak in the cycle
The peak of the bullish cycle of the first cryptocurrency will be in October-November, said an expert of the company CryptoQuant, hiding under the pseudonym AxelAdlerJr. According to him, long-term holders are now selling bitcoins in parts, which makes the sales more stable.
504 days have passed since the last Bitcoin halving, similar to previous cycles, this indicates the approach of the final stage of the bullish trend, the CryptoQuant expert noted. The Value Days Destroyed (VDD) indicator, which takes into account the volume of assets sold, increased sharply in March as the first cryptocurrency reached the $70,000 mark.
However, the subsequent waves of selling – around $98,000 and $117,000 – were more moderate, indicating that long-term investors are not exiting the market en masse, but are selling off the cryptocurrency in segments.
“Such segmented selling is indicative of a more sustainable restructuring, largely due to institutional demand: supply comes in batches immediately after new historical highs, and the market absorbs it, leading to more extended peaks,” AxelAdlerJr explained his point of view.
The expert believes that the market has started to behave differently as the volatility of the first cryptocurrency is gradually decreasing. AxelAdlerJr called this a demonstration of Bitcoin's maturity.
Earlier, experts from the trading firm QCP Capital reported that the Bitcoin/gold ratio BTC/XAU is declining, and this foreshadows the imminent formation of the bottom of the first cryptocurrency.
Source: cryptonews.net
