The world’s most valuable cryptocurrency, Bitcoin (BTC), has taken holders on a bumpy run with several unpredictable price actions that have made crypto enthusiasts unsure about when to anticipate the flagship crypto asset’s next bull run.
Consequently, many traders have been forced into making quick investment decisions that have seen them accumulate below-par profits or record avoidable losses.
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Amid the uncertainties around Bitcoin’s future price trajectory, renowned digital assets data analytical platform “IntoTheBlock” has estimated when crypto enthusiasts should anticipate the next BTC bull run, citing long-term holders’ behavior from previous cycles.
Previous Trend Identifies Increased Selling Actions During BTC’s Peak
According to the analytical platform analysis, past market trends have orchestrated increased selling actions from long-term Bitcoin holders as the token’s price edges closer to new price highs.
Interestingly, the analysis from IntoTheBlock has a price chart attached, with several small arrows depicting different phases of investors’ trading actions. The downward grey colored arrows represent investors’ selling actions culminating in price lows, while the red horizontal arrows indicate the period before the next market peak.
When will the next $BTC bull-cycle peak take place?
Our latest idea on @tradingview, explores insights based on long-term holder behavior and what it means for the cycle peak👇https://t.co/72JT6e3AvD
— IntoTheBlock (@intotheblock) May 29, 2024
Predicting Bitcoin’s Next Bull Run Using Historical Trends
Per IntoTheBlock insight, BTC holders’ balances in the 2017 market rally declined to their lowest point after about 270 days, which immediately followed the market cycle peak.
Unlike the 2017 bull market, the previous market rally in 2021 peaked in two different phases. The first bull phase played out after about 210 days of massive sell-offs by holders, while the second phase happened 410 days after the initial decline in holders’ balances orchestrated by the initial sell-offs.
Relating the past cycles to BTC’s current market, the shared chart indicated that long-term holders have started selling again, evidenced by a gradual downward steep appearance on the price chart.
Estimating a specific timeline for traders to anticipate the next BTC cycle peak, the insight revealed, “We can identify late December as the starting point. Assuming the peak occurs within a similar timeframe, we can estimate the next peak will happen within the next 140 to 260 days, or between October 2024 and March 2025.”
How Bitcoin Price Actions Seem To Collaborate Selling Actions
According to Bitcoin’s price statistics on CoinGecko, the pioneer digital asset is changing hands at about $67,350, reflecting a 0.83% decline in the past 24 hours.
While BTC might be 8.7% below its $73,737.94, the coin 7-day statistics revealed a 4.4% decline with a minimum and maximum price ranging between $66,941.74 and $70,425.81.
Taking the analysis described in this insight and the apparent decrease in BTC’s price over a 7-day statistics into consideration, it becomes safe to agree with the assertion that long-term holders have begun selling their BTC holdings, spewing the possibilities of an extended period of Bitcoin price declines that would eventually birth the coin’s rally.
It is left to see how events unfold. However, barring any spontaneous change in market trajectory or future influences from external factors, BTC could be on the right path to replicating previous market cycles that would catalyze the token to new price highs. Hence, patience might be crucial for investors, especially long-term holders hoping to make significant profits from BTC investment.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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