Bitcoin’s All-Time High of March 2024 Will Not Last Long
“`html
Analyst
Posted:
- The BTC CDD indicated the trend remains below critical thresholds
- Long-term holders have amassed approximately 1 million BTC since July
In March 2024, Bitcoin reached a new record high. Following this milestone, debates have emerged among investors regarding whether this signifies the apex of the current bull run. While some contend that it could be the ultimate peak, on-chain metrics imply otherwise.
Indeed, indicators like Coin Days Destroyed (CDD) are suggesting that there might still be potential for upward movement in the market.
Has Bitcoin’s peak already been established?
This significant rise in March caused an uptick in CDD metrics, alluding to long-term holders taking profits at the height of prices. However, subsequent examinations revealed that CDD has yet to breach into dangerous “red zone” territory usually associated with market tops.
This indicates that while March’s spike was a crucial intermediate high point and might not represent the terminal peak of this cycle. Additionally, trends within CDD suggest further price rises could occur over upcoming months.
Given that CDD hasn’t reached its upper limits yet，it’s likely we could see expansions in this bull market as long as seasoned investors remain cautious without completely selling off their assets.
Long-term holders persist in accumulating bitcoin.
(
An assessment by Glassnode focused on Bitcoin Long-term Holdings data illustrated positive sentiment congruent with observations from Coin Days Destroyed metrics.
)
These steadfast investors commenced enhancing their holdings since July as Bitcoin’s value started declining.
li >
This growing supply signals these fundamental bettors are leveraging favorable lower valuations believing overall market prospects can eventually improve despite bearish currents.
As they keep gathering assets rather than cashing out entirely reflects ambitious outlook by significant players upwards amidst uncertainty looming higher grounds ahead.
br >
As such commits numbers legitimize current behaviors pushing distributions rightward where it counts most timely!
br ＞ Let’s move further: BTC keeps dropping down past previous lows…
The downward shift continues for BTC…
“`
