Bitcoin’s Peak is Still Far Away
A market expert has predicted that Bitcoin is still far from reaching its peak in this current bull market. This prediction is based on the Onchained index, a tool that analyzes investor behavior to identify highs and lows in the Bitcoin market.
The Onchained index suggests that Bitcoin is currently in an accumulation period, meaning that investors are buying and holding rather than selling. This indicates that there’s still significant upside potential for the cryptocurrency.
Potential for 2x-3x Growth
The expert, Kyle Doops, believes that Bitcoin could rise by 2x to 3x before reaching its peak. This would put the price between $127,000 and $191,000.
The Onchained index has a proven track record of accuracy since 2011, making it a trusted gauge for investors.
Short-Term Holders Feeling the Heat
Another indicator, the Short-term Holders Market Value to Realized Value (STH-MVRV) ratio, has recently fallen below 1.0. This means that new investors are currently holding losses.
This development could lead to increased selling pressure and panic among short-term holders, especially in light of the recent Bitcoin crash triggered by Japan’s stock market downswing.
Bitcoin’s Price Rebounds
Despite the recent market volatility, Bitcoin has shown strong price momentum, breaking out of the $58,000-$60,000 range and hitting $65,000 on Sunday.
While the price has since pulled back to around $63,800, it’s still up over 8% in the past week.
Looking Ahead
While the market remains volatile, the Onchained index and Bitcoin’s recent price performance suggest that the cryptocurrency has a bright future.
With the potential for significant growth still on the horizon, Bitcoin continues to attract investors and remain a major force in the cryptocurrency market.
