The price of bitcoin kicked the worst in the weekend, the fall for the first time from falling, the level of $ 115,000 was availed. Keeping in mind the alleged importance of this price mark, questions have been raised about how many motors of bitcoin are still there. The latest on-chain data shows that bitcoin bull run may not be finished yet.
BTC ($ 112,871.00) starts distributing long -term holders
In the August 1 post on X, Crypto analyst Joao Wedson reports that the bitcoin cycle for long -term golds seems to be comed to the end.
Wedson insisted that, regardless of oven stimulation around the ETF, on-chain data shows a clear market change. This shift indicates that the cryptocurrency of long -term holders is starting to sell its coins, and, in large videos.
For anlyst, about 50%of the amount of bitcoin held in the exchange-traded funds. Despite this situation, how, Veson hopes that the BTC Bull Market will have to go to the “at least 2 and months” and Altcoins bull bicycle for three months.
Major Matrix Flash Warning – but ‘last top’ hasn’t been seen yet
Wedson supported his climb with four on-chain indicators, which began with the destroyed terminal adjusted metrics, which shows the growing age coins of the growing age group after prolonged beating.
Old BTC has been a significant speed in the last two years, which has been discovered by Anlist. This, Vedson emphasized, triggered three major warning signals that coincide with a local top.
Wedson also referred to RISC indicators reserved to gauge the currency LT confusion. From analysis, it has entered the metric, a warning area, as there are interdated selling activity and hand exchanges.
Next, online Pandit gave results from the output profit ratio (SOP) trend signal spent. The SOPR measures whether coins (in this case, bitcoin) are moving on profit or loss. Veson depicted that this indicator recently flashed a recession signal, meaning that interested in the market is to be gained.
It was used to identify bitcoin’s macro tops, referring to the ‘most accurate metric in the world’, Bitcoin Cycle Market Top Prediction: Max Interest SMA model was finalized. Vedson said that the metric is yet to flash the signal of any recession. Using the chart below, Anlyst said that the blue line reaches a level of $ 69,000, the last top has not yet reached.
Finally, the analyst took care against nervousness, as the historic cycle pattern suggests that the final market top has not yet reached. As this writing, the price of bitcoin is approximately $ 113,052, which shows a decline in the price of 1.2% in the last 24 hours.