2024

Bitcoin

April

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Typically, Bitcoiners (BTC) move their reserves more actively as the price nears the cycle top. Today's situation is very far from this euphoria, as per the CryptoQuant CEO. However, a new all-time high might be just a few months away, indicators say.
<h2 id="bitcoin-btc-crucial-metric-says-cycle-top-is-very-far">Bitcoin (BTC) crucial metric says cycle top is very far</h2>
As the Bitcoin (BTC) price stabilized over $51,000, 63% of its supply (by realized capitalization) was not moved for at least six months in a row. This might hint at an ongoing distribution phase for Bitcoin (BTC), on-chain analyst CryptoQuant says.
<blockquote>
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> not moved in over 6 months by realized cap(%):• At $16K: 80% • At $29K: 71% • At $51K: 63% (Current)Previous cyclical tops:• 2021: 15%• 2018: 5%• 2014: 5%We have a long way to reach the cyclical top.<a href="https://t.co/oehENKkizc" rel="noopener noreferrer nofollow">https://t.co/oehENKkizc</a> <a href="https://t.co/CO5uMrnVlr" rel="noopener noreferrer nofollow">https://t.co/CO5uMrnVlr</a> <a href="https://t.co/nw8bNmbpcx" rel="noopener noreferrer nofollow">pic.twitter.com/nw8bNmbpcx</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1758708371505754479?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 17, 2024</a>
</blockquote>
CEO Ki Young Ju said today, Feb. 17, 2024, that "we have a long way to reach the cyclical top." For the previous three cycles, this metric was in the 5-15% range near the top.
The realized cap ratio of Bitcoins (BTC) that stayed dormant in the last six months is a major metric used to identify the current stage of its price cycle.
On the bottom of this cycle that was registered in November 2022 after the FTX/Alameda ecosystem collapse, the metric was near 80%.
Last week, Bitcoin (BTC), the largest cryptocurrency, recovered to levels unseen since December 2021, and stopped one step away from the $53,000 level.
<h2 id="new-bitcoin-btc-price-ath-expected-in-early-q3-2024">New Bitcoin (BTC) price ATH expected in early Q3, 2024</h2>
Bitcoin's historic price record was registered on Nov. 10, 2021, at almost $69,000; today, BTC is changing hands 24% cheaper.
Typically, Bitcoin (BTC) exceeds the previous ATH on the eighth month after the halving. The next (fourth) BTC halving event is set to happen in April this year.
<blockquote>
 The Bitcoin halving is set to happen in April 2024. Here's what to expect👇First, let's reflect on the Previous Halving:➖ In 2020, after the last halving, the block reward dropped to 6.25 BTC➖ Bitcoin's hash rate dropped by 30% within two weeks.➖ Bitcoin's miner difficulty… <a href="https://t.co/6hIsjAVPKK" rel="noopener noreferrer nofollow">pic.twitter.com/6hIsjAVPKK</a>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1758537699907010652?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 16, 2024</a>
</blockquote>
Combined with several hashrate and difficulty implications, this indicates the possibility of the next Bitcoin ATH coming in the next six months, IntoTheBlock data says.

Bitcoin (BTC) Cycle Top Near? Check Out This Metric

Table of Contents

U_Today

Other articles published on Feb 17, 2024

Bitcoin’s ‘fast, sudden, and strong’ drop now imminent

Curve Finance Founder’s 2.5M Tokens Deposit on Binance Triggers CRV Bears

Bitcoin Miner Sell-Off Looms as Market Dynamics Shift

We asked ChatGPT to create a $1000 crypto portfolio that will grow into $100,000 by the end of 20...

Bullish Bets: Traders Flock to Aptos (APT), Arbitrum (ARB), and Scapesmania (MANIA) Ahead of Mark...

Avalanche sell-off alert: Nearly $400M of unlocked AVAX

Join our free newsletter for daily crypto updates!