Bitcoin's recent rise from $ 94,000 has ruled whether the bull market is still alive or just a dead cat in hell before the other leg.
Cryptoquant CEO Ki Young, who previously suggested that the cycle has reached its peak, now admits that he may have been premature.
In the danger of cycle theory?
On April 23 post After all, the X explained that after 10% of the BTC falling after the call, it would be 10% higher than the prediction after recovery.
However, the analyst is careful, emphasizing that the number one number one of the cryptocurrency is still reaching. However, he admitted that a decisive pause for over $ 100,000 would force him to rethink his position again. At the same time, the new peak of all time (ATH) may have seen before the last quarter of the year that he was completely abandoned by the cyclic theory.
“If Bitcoin hits the new ATH before Q4, I'm ready to throw out the cycle theory,” the whispered. “The market without clear cycles may seem very different from what we have experienced. In that case, the permabilla was right. Only up.”
Bitcoin climbing over $ 90,000 not seen since the beginning of March has been partially attributed For more shifts such as Binannce and Coinbase for a strategic whale. According to Cryptoquant, every upward price movement has been accompanied by large -scale purchases of investors with deep pockets, suggesting that institutional players are gaining momentum.
Chain data supports this school because it shows long-term owners who have kept BTC for more than five months, continues after the distribution period has accumulated. According to analysts, this is an updated interest in the unknown in the long -term prospects of Bitcoin, even if short -term owners continue to sell weakness.
Last week, Bloomberg's ETF analyst Eric Balchunas also associated the BTC price durability a change of ownership As institutional investors and business giants, such as a strategy, raised hundreds of millions of dollars from the market to Bitcoin to absorb the offer that previously shook retail dominant markets.
A strong week but still down to the highest of all time
This recent price behavior is at the heart of optimism renovated the BTC trajectory. After losing some of its values in the middle of March, the middle of the cycle was afraid of healing the property, getting 10.2%in the last week alone, with a wider cryptocurrency market that increased by 9.0%during this period.
During this writing, it exchanged owners at $ 92,701, indicating a slight daily decline of 0.8%, but still sitting in a 24-hour range between $ 92,078 and $ 94,320, reflecting typical consolidation after strong upward movement.
If cryptocurrency retains a command of the 61.4% market dominance, it will still traded $ 108,786 for $ 14.7%. But compared to the historical level, it is Rarified Air, which is nearly 137,000% higher than the lowest level of $ 67.81 in 2013.
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