Summary
- Despite Bitcoin breaking its all-time high, analysis suggests there is a high likelihood of setting new records again.
- According to the analyst, Bitcoin's UTXO Age Bands indicator remains lower than last year, indicating that the market is not overheated.
- Based on the on-chain metric, it is expected that Bitcoin has an increased chance of surpassing its all-time high again in the latter half of this year.
Despite Bitcoin (BTC) reaching its all-time high, there is analysis suggesting a high likelihood of the price hitting new records once again.
On the 16th (local time), Crypto Dan, an analyst at CryptoQuant, stated on X (formerly Twitter), "Bitcoin has renewed its all-time high, but the UTXO Age Bands are lower compared to March and December last year," and added, "This indicates that the market has not yet entered the overheating stage."
He further commented, "Despite the higher price, overheating indicators remain much lower than at previous peaks," and projected, "In the latter half of this year, there is a strong possibility that Bitcoin will once again surpass its all-time high."
Meanwhile, the UTXO Age Bands are an on-chain metric that helps identify market cycles based on the last time Bitcoin was moved.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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