Summary
- The analyst said Bitcoin could set a new all-time high between October~November this year.
- He emphasized that institutional investors are absorbing the sell-off volume from long-term holders.
- The analyst stated that the bull market is still ongoing.
An analysis suggests that Bitcoin (BTC) is expected to set a new all-time high in October.
On the 9th (local time), Axel Adler Jr., a contributor at CryptoQuant, said in a report, "The peak of the bull cycle occurs when the spot price is about 11 times higher than the average cost basis of long-term holders," and "Bitcoin could set a new all-time high between October~November this year," he forecasted.
The analyst said the Bitcoin bull market is continuing. He said, "In March, there was a large wave of sell-offs by long-term Bitcoin holders, and subsequent additional selling occurred in the $98,000 and $117,000 ranges," and "Institutional investors are currently absorbing the sell-off volume from long-term holders." He added, "This means the bull market is still ongoing."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin breaks below $76,000 as selloff shows no sign of easing](https://media.bloomingbit.io/PROD/news/0b328b54-f0e6-48fd-aeb0-687b3adede85.webp?w=250)
![[Market] Bitcoin slips below $77,000…Ethereum also breaks below $2,300](https://media.bloomingbit.io/PROD/news/f368fdee-cfea-4682-a5a1-926caa66b807.webp?w=250)
