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"Bitcoin could reach an all-time high as early as October"

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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."

BTC