Summary
- It reported that analysis suggested Bitcoin (BTC)'s bull cycle is not over yet.
- Unlike past cycles, the proportion of long-held Bitcoin is decreasing gradually, so it said the peak has not been reached.
- According to current indicators, the market cycle is not in a termination phase and is rather likely to see a strong upward movement.
Bitcoin (BTC)'s bull cycle is still ongoing, and an analysis says it is difficult to view it as having reached its peak.
On the 2nd (local time), CryptoQuant author Crypto Dan said, "In past late-stage bull markets, there was a sharp decline in the share of coins held long-term for more than one year. Currently, according to indicators, the proportion of long-held Bitcoin is decreasing gradually. This means the market has not yet reached the cycle's peak."
He added, "The current market is only progressing the bull cycle slowly, and it is difficult to see it as ending. Rather, it is likely in a process preceding a strong upward movement."
