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Here's Why This Bitcoin Market Cycle Is Different

Market Musing-g

Here's Why This Bitcoin Market Cycle Is Different

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By U_Today

5 months ago

•

2 mins read

Here's Why This Bitcoin Market Cycle Is Different

Cover image via U.Today

According to data provided by cryptocurrency analytics platform IntoTheBlock, this Bitcoin cycle is clearly different compared to the previous cycle when it comes to the behavior of the cryptocurrency's long-term holders.

This influential group of market participants is not selling Bitcoin holdings as aggressively as during previous bull runs.

"This cycle marks some clear differences from previous ones. While long-term holders are selling, it's less aggressive than in past bull peaks," the firm said.

According to IntoTheBlock, this potentially suggests that the dynamics of Bitcoin's bull market cycles might be changing.

Kyledoops, a technical analyst, also recentlynoted that long-term Bitcoin holders were aggressively "stacking up" coins. Their net position took only a minor dip when the cryptocurrency approached a new record high last week. There seems to be a "more disciplined" approach to selling this time around. It is possible that some of these holders are preparing for a short-term rally.

The leading cryptocurrency is currently trading at $67,958 after dipping by 0.7% over the past 24 hours. According to IntoTheBlock, 93% of all Bitcoin holders are making money at current prices.

On Thursday, short-term holders offloaded more than $2 billion worth of Bitcoin to cryptocurrency exchanges. This wasthe largest sell-off since August. Short-term holders are more likely to panic sell cryptocurrencies when prices start to drop.

According to data provided by IntoTheBlock, a whopping 71% of all Bitcoin holders continue to hold the largest cryptocurrency for more than a year.

Polymarket bettors still see a 74% chance of Bitcoin hitting a new record high this year. The cryptocurrency is currently 8% away from reaching its lifetime peak which was achieved back in April.

Read original article on U.Today

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