Bitcoin’s fortune in the present cycle peak continues to intrigue, with discussions revolving around its trajectory. However, a recent evaluation conducted by a market analyst using vital indicators suggests that Bitcoin has not yet hit the summit in its ongoing bullish phase.
The Bitcoin Onchained index reveals that BTC has a significant distance to go before it reaches its cycle peak. This metric, which monitors crucial aspects such as market patterns and network engagement, indicates that Bitcoin is presently in an accumulation phase rather than nearing a peak.
Renowned market analyst and Crypto Banter host, Kyle Doops, shared these findings on the X platform, commending the Onchained index for its capacity to anticipate market highs and lows influenced by investor conduct. As per the index, Bitcoin could potentially undergo a price surge of 2x to 3x prior to peaking. Such a forecast places Bitcoin’s value in the range of $127,000 to $191,000 by the end of the bullish cycle.
Backing the index’s track record spanning 13 years, Doops underscored its significance to well-informed investors. With Bitcoin on a path of recovery and value escalation, the Onchained index paints an encouraging picture of the digital asset’s future direction.
In a related post on X, Doops delved into the Short-term Holders Market Value to Realized Value (STH-MVRV) ratio for Bitcoin, which recently descended beneath 1.0. This drop signifies that new investors are currently enduring losses, potentially fostering heightened selling pressure and unease among short-term holders.
Despite encountering resistance around the $65,000 mark, Bitcoin saw a breakout during the weekend, soaring to $65,000 before retracing to approximately $63,800. Although the cryptocurrency’s value experienced a slight dip post-breakout, it still stands over 8% higher compared to the previous week. Nonetheless, there have been marginal decreases in both the market cap and trading volume over the past day.
In summary, Bitcoin’s Onchained index indicates a significant growth potential, signaling that the digital asset is still distant from hitting its peak in the current bullish cycle. This analysis underscores the importance of monitoring critical metrics to effectively navigate the dynamic cryptocurrency realm.