Based

Bitcoin

James

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-maintains-strength-despite-entering-distribution-phase/" data-wpel-link="internal">Bitcoin Maintains Strength Despite Entering Distribution Phase</a> 
In an interview with “What <a href="https://en.coin-turk.com/over-1-billion-in-bitcoin-withdrawn-from-kraken-exchange/" data-wpel-link="internal">Bitcoin</a> Did” during the week, James Check, an analyst at leading crypto data platform Glassnode, stated that Bitcoin (<a href="https://coin-turk.com/grayscale-gbtc-donusumu-icin-adim-atti" data-wpel-link="internal">BTC</a>) continues to look strong even after refreshing its record high. The analyst shared reasons for this strong outlook, indicating that the bull market may last longer than expected. 
<h2 style="text-align: justify" id="strong-strong-even-as-it-enters-distribution-phase-strong">Strong Even as It Enters Distribution Phase</h2> 
Glassnode analyst James Check warned that Bitcoin entered a “bull market distribution phase” after financial giants like BlackRock and Fidelity launched spot Bitcoin ETFs in the US in January. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-325181" src="https://coin-turk.com/wp-content/uploads/2024/03/Bitcoin-BTC-Trend.jpeg" alt="" width="1280" height="720"> 
This phase is typically seen when high conviction HODLers sell their assets for a profit and potential cycle peaks are reached. However, Check mentioned that, unlike previous cycles, the current bull cycle is expected to last longer than anticipated due to strong inflows from spot Bitcoin ETFs, despite being in the distribution phase. 
The analyst emphasized the importance of passive flows in driving Bitcoin’s market dynamics, as institutional investors show keen interest in allocating a portion of their portfolios to spot Bitcoin ETFs. Since their launch, these ETFs have seen over $9 billion in net inflows, reflecting the growing institutional demand for investing in Bitcoin. 
<h2 style="text-align: justify" id="strong-predicting-a-250-000-valuation-strong">Predicting a $250,000 Valuation</h2> 
Reviewing on-chain data to shed light on the current market outlook, Check highlighted changes in the “realized cap” metric, which represents the total value of all coins based on the last price they moved. This key indicator of his on-chain analysis has reached all-time highs in recent months, indicating sustained demand without unsustainable unrealized gains. 
Based on strong demand and current market dynamics, the analyst expressed confidence in Bitcoin’s price trajectory and suggested that the largest cryptocurrency could reach $250,000 during this cycle. He linked the potential for a higher peak price in this cycle to the structure of the current uptrend and factors such as the gradual absorption of the circulating supply by HODLers and institutional investors. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-maintains-strength-despite-entering-distribution-phase/" data-wpel-link="internal">Bitcoin Maintains Strength Despite Entering Distribution Phase</a></h5>

Bitcoin Maintains Strength Despite Entering Distribution Phase

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