According to the merchant David Vallierres, Bitcoin has already reached the top of the current cycle.
In a Social media messageVallierres noted that each previous bitcoin cycle ended either with a double roof or triple-top training.
Such a scenario could be on the right track to play this time. He underlined the fact that Bitcoin culminated at $ 105,364 on December 17 before undergoing a correction and finally reached a new summit of $ 109,356.
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That said, he does not necessarily believe This bitcoin is already in a new lowering market.
Earlier in the day, the price of the main cryptocurrency increased to $ 93,868 before moving to $ 91,809.
Vallierres recognized that such a catch is rather unpopular, since the feeling becomes a bullish.
On Wednesday, the funds negotiated in exchange for Bitcoin (ETF) recorded $ 917 million in entries, extending their sequence of positive flows. Over the past four days, they have brought in about $ 2.3 billion.
In addition, according to Fidelity Digital Assets, a subsidiary of the giant of the Fidelity investment fund, the supply of Bitcoin on the scholarships is also down due to public purchases. However, it should be noted that such a metric is considered to be “very imperfect”.
A warning concerning the XRP price
As indicated by U.TODAY, CME Group recently announced the launch of XRP Futures, which is expected to take place next month after regulatory approval. However, Vallierres suggested that the launch of the product may not necessarily be positive for XRP, given that the beginnings of the future Bitcoin in the CME group marked the top of the bull cycle which culminated in early 2018.
“Oh, well … If you remember the long-term launch of BTC, head high,” he wrote.
