[Analysis] "Low Bitcoin Profit-Taking... High Likelihood of Continued Bull Market"

Crypto Dan, a contributor to CryptoQuant, analyzed that Bitcoin (BTC) is highly likely to maintain its upward trend for the time being.

On the 30th, Crypto Dan, a CryptoQuant contributor, stated through CryptoQuant, "The current (Bitcoin) profit-taking level may induce a short-term correction due to the recent sharp rise," adding, "(However) it is not a critical level significant enough to mark the end of the bull cycle."

What Crypto Dan focused on was the Net Realized Profit and Loss (NRPL) data. Crypto Dan analyzed, "The NRPL chart shows the magnitude of profits and losses realized by investors who sold Bitcoin," adding, "Compared to the NRPL spikes seen at past cycle peaks, the current profit-taking is relatively limited." He further added, "Especially when comparing the moves seen at the peaks in March and November last year, the current profit realization magnitude is markedly lower."

Crypto Dan emphasized that there is a high likelihood that the bull market will continue for some time. He analyzed, "With the current level of profit-taking, the likelihood of entering a bearish cycle is low," and, "There is a very high probability that the Bitcoin bull cycle will continue for now."