After reeling for a new all-time high of $ 123,000, the price of bitcoin has slowed down as self-offs since the market has declined. As usual, it has speculated that the digital asset has a scene at the top of its price range, indicating the end of the bull market. However, using the realized price theory, showing that the price of bitcoin has always increased everything compared to its previous cyl high, it is possible that this rally is over.
How bitcoin cycle top measures for the price of previous feeling
Crypto analyst Janet Van Lagen spoke to X (East Twitter) to share an interesting historical tendency, which states that the price of bitcoin has not yet hit his nots bicycle peak. This trend has to be done with the actual price of cryptocurrency, and then many qualities are relative to the price of this feeling to mark a new cycle peak.
Pointing to the previous bull markets, van Lagen explains that Bitcoin increased by several multiples of his feeling before returning in 2011, the price relative to the price of its feeling was 8x before reaching the top of a market, and this trend watch continues in the next decade.
Rapid forward for 2013, and bitcoin value lesion uniform rally again a similar rally. This time, the price increased by 6X before reaching a new peak. The next bull run starting in 2017 again saw a simple trend after 4 years.
Again, in 2021, the price of bitcoin showed that its actual price fee is always multiplier before making a call. Despite a disastrous market accident due to Covid in 2020, Bitcoin gave Rali Rali 4X to Rali Rali with its feeling price before killing its $ 69,000 top in 2021.
Given this trend, it is expected that BTC will also follow and keep its actual priced multiples before it tops. However, given the performance of history, it shows that with the bull market, the range from which the realization price has increased has come down. Thus, BTC will prefer a less than 4X seen back in 2021.
The cast for data from Glassnode, the current bitcoin feeling value is $ 51,000. This means that so far, the price has already increased by 2x. But the final fare follows the bull markets, it is possible that BTC does 3x multiple of its feeling value. If so, the possibility of reaching bitcoin $ 150,000 is still quite high. Furthermore, if it is a real value principle, it means that the bull market is over, and cryptocurrency is still left.
Specially displayed image from Dall.E, chart from traudingView.com
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