Typically, Bitcoiners (BTC) move their reserves more actively as the price nears the cycle top. Today’s situation is very far from this euphoria, as per the CryptoQuant CEO. However, a new all-time high might be just a few months away, indicators say.
Bitcoin (BTC) crucial metric says cycle top is very far
As the Bitcoin (BTC) price stabilized over $51,000, 63% of its supply (by realized capitalization) was not moved for at least six months in a row. This might hint at an ongoing distribution phase for Bitcoin (BTC), on-chain analyst CryptoQuant says.
CEO Ki Young Ju said today, Feb. 17, 2024, that “we have a long way to reach the cyclical top.” For the previous three cycles, this metric was in the 5-15% range near the top.
The realized cap ratio of Bitcoins (BTC) that stayed dormant in the last six months is a major metric used to identify the current stage of its price cycle.
On the bottom of this cycle that was registered in November 2022 after the FTX/Alameda ecosystem collapse, the metric was near 80%.
Last week, Bitcoin (BTC), the largest cryptocurrency, recovered to levels unseen since December 2021, and stopped one step away from the $53,000 level.
New Bitcoin (BTC) price ATH expected in early Q3, 2024
Bitcoin’s historic price record was registered on Nov. 10, 2021, at almost $69,000; today, BTC is changing hands 24% cheaper.
Typically, Bitcoin (BTC) exceeds the previous ATH on the eighth month after the halving. The next (fourth) BTC halving event is set to happen in April this year.
Combined with several hashrate and difficulty implications, this indicates the possibility of the next Bitcoin ATH coming in the next six months, IntoTheBlock data says.