2024

Bitcoin

Strong

Rekt

<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg" class="attachment-full size-full wp-post-image" alt="Bitcoin price prediction" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg 1920w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-150x84.jpeg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
As Bitcoin surges to new heights, indicators suggest that the market may be approaching a turning point, signaling potential shifts in sentiment among traders and investors. After a temporary bounce back following the <a href="https://coingape.com/dovish-fed-commentary-pushes-bitcoin-btc-above-67000-altcoins-rejoice/" target="_blank" rel="noopener">Fed commentary</a>, the Bitcoin price has once again entered a phase of strong consolidation. As of press time, the Bitcoin price is trading at $66,594 with a market cap of $1,308 trillion. 
<h3 id="bitcoin-btc-in-over-heated-bull-phase">Bitcoin (BTC) In Over-heated Bull Phase</h3> 
Key metrics, including the Bull-Bear Market Cycle Indicator fromCryptoQuant, indicate that the market is entering an overheated-bull phase, raising concerns about the sustainability of the current rally. Additionally, traders’ unrealized profit margins remain notably high, further indicating a potential overheating of the market. Furthermore, a <a href="https://coingape.com/jpmorgan-bitcoin-btc-overbought-territory-slowing-etf-inflows-a-concern/" target="_blank" rel="noopener">JPMorgan report</a> also makes similar observations stating that Bitcoin is currently in the ‘overbought’ territory with a possibility of potential correction to $51,000. 
<figure id="attachment_187362" aria-describedby="caption-attachment-187362" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-187362" src="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-bull-bear.jpg" alt="" width="1280" height="785" srcset="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-bull-bear.jpg 1280w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-bull-bear-300x184.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-bull-bear-1224x751.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-bull-bear-768x471.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-bull-bear-150x92.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-187362" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://t.me/cryptoquant_official/2219">CryptoQuant</a>
 </figcaption>
</figure> 
Recent observations reveal a notable increase in selling activity among traders, who are capitalizing on the elevated profit margins. This selling behavior, observed on a scale not seen since May 2019, suggests a growing inclination among traders to take profits amid the market’s bullish momentum. 
Furthermore, significant Bitcoin holders, including large investors and miners, have intensified their selling activity, offloading their holdings as prices soar to unprecedented levels. This trend highlights a potential shift in sentiment among market participants, as they capitalize on the recent price appreciation. 
<figure id="attachment_187364" aria-describedby="caption-attachment-187364" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-187364" src="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-holders-selling.jpg" alt="" width="1280" height="733" srcset="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-holders-selling.jpg 1280w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-holders-selling-300x172.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-holders-selling-1224x701.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-holders-selling-768x440.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-holders-selling-150x86.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-187364" class="wp-caption-text">
 Courtesy: CryptoQuant
 </figcaption>
</figure> 
These developments underscore the evolving dynamics of the Bitcoin market, with investors closely monitoring indicators and metrics to assess the sustainability of the current rally and anticipate potential market corrections in the near term. 
<h3 id="where-s-the-btc-price-going-ahead">Where’s the BTC Price Going Ahead?</h3> 
According to an analysis by crypto analyst Rekt Capital, the ongoing 18% pullback in Bitcoin closely aligns with the average pullback observed throughout the current market cycle, falling within the range of 20% to 23%. 
Despite the recent downturn, Bitcoin has yet to initiate its first parabolic breakout uptrend beyond previous all-time highs. Instead, the cryptocurrency is currently in a phase of re-accumulation, denoted by the green trendline, in anticipation of this anticipated breakout move. 
Rekt Capital’s analysis further reveals that the current retracement marks only the fifth major pullback since the bear market bottom in 2022, spanning a period of approximately one and a half years. This rarity underscores the significance of the current retracement, presenting an opportunity for market participants to capitalize on favorable market conditions while they persist. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> 
 This current Bitcoin retrace is only the 5th major retrace since the 2022 Bear Market Bottom 
 That translates to only 5 deeper retraces over the span of a 1 year and a half 
 It's rare 
 Make the most of this current one while it lasts<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/FLSX8rqRDA">pic.twitter.com/FLSX8rqRDA</a> 
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1770936908434022788?ref_src=twsrc%5Etfw">March 21, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The post <a href="https://coingape.com/bitcoin-btc-holders-and-miners-in-strong-profit-booking-mode-whats-ahead/">Bitcoin (BTC) Holders and Miners In Strong Profit-Booking Mode, What’s Ahead?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Holders and Miners In Strong Profit-Booking Mode, What’s Ahead?

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