Although while the price of the flagship digital currency Bitcoin (BTC) ($BTC) has recently hit a ten-week low, one analyst has recently suggested that the digital currency’s price is set to soon undergo a “big move.”
On the microblogging platform Twitter Checkmate, the lead on-chain analyst at Glassnode, has observed a growing sense of “exhaustion” between market participants. He highlighted the Sell-side Danger Ratio metric, which is now approaching its lowest-ever recorded levels.
Regardless of the gap betwixt discovered price and spot, Checkmate surmised that investors are uninterested in selling at the present prices, regardless of whether they are making a profit on their individual investments.
Per his words, this typically happens “when sellers are exhausted on both sides, suggesting big moves are coming.”
The Sell-side Danger Ratio was last this low in late 2015, preceding BTC’s ascension to its previous halving cycle’s all-time highs of $20,000 in December 2017.
Furthermore, regardless of Bitcoin’s recent lackluster performance Philip Swift, founder of data resource LookIntoBitcoin and co- founder of trading suite Decentrader, encouraged investors to remain unfazed in a recent Twitter update.
Per Swift, Bitcoin (BTC) is “performing well and as expected” even as the digital currency market is filled with panic. The digital currency is now currently worth its lowest-level since mid-March, while trading during a tight $4,000 range, as Cointelegraph reports.
Swift pointed to a “clear Bitcoin breakout over Realized Price.” The discovered price represents the overall price at which the Bitcoin supply was last moved. As per data from LookIntoBitcoin, this price presently hovers just over $20,000. Swift’s accompanying chart illustrates the cycles he’s referring to, each one starting when the spot price surpasses the discovered price line. Historically, a whole lot of Bitcoin surge followed approximately 140 days later.
As CryptoGlobe informed, prominent on-chain analyst William Clemente III, Co- Founder of Reflexivity Research, has shed light on the growing adoption of Bitcoin, revealing remarkable statistics about the number of addresses holding varying amounts of the digital currency.
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