Bitcoin

Delta

Coin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price could consolidate for 4 to 5 months, according to Capriole Investments founder Charles Edwards.</li>
 <li>Edwards likens Bitcoin’s price action to gold and suggests a possible “cup and handle” pattern, often followed by strong price appreciation.</li>
</ul>
<p>Capriole Investments founder Charles Edwards has suggested that Bitcoin’s price might stabilize for the next 4 to 5 months.</p>
<p>This projection is based on the current trends in the stock and crypto markets, and Bitcoin’s on-chain data.</p>
<h2 id="bitcoin-and-gold-a-comparative-analysis">Bitcoin and Gold: A Comparative Analysis</h2>
<p>Edwards highlighted that Bitcoin has been fluctuating within the cycle range highs of $58,000 to $65,000.</p>
<p>He also pointed out that Bitcoin’s price action is similar to gold’s, which has shown a “massive cup and handle” pattern over the past 13 years.</p>
<p>Given these similarities, Edwards believes that Bitcoin could spend up to 9 months in the range high, forming a cup before a significant upward movement.</p>
<p>According to Edwards, “The longer we spend in the range highs, the more likely this structure will merge into a classic ‘cup and handle’ pattern, which would typically see strong price appreciation following.”</p>
<h2 id="bitcoin-metrics-and-predictions">Bitcoin Metrics and Predictions</h2>
<p>Despite the optimism about the cup and handle pattern, Edwards noticed that Bitcoin’s Supply Delta and 90-Day Coin Days Destroyed (CDD) metrics had formed rounded tops.</p>
<p>These metrics are used by Capriole Investments to identify cycle tops, suggesting that we are currently in a mid-cycle pause.</p>
<p>Edwards also noted that the Capriole Bitcoin Macro Index, an indicator that combines over 50 of the most influential Bitcoin on-chain and macro market metrics, shows that Bitcoin “continues to be risk off.”</p>
<p>Risk-off refers to a market sentiment where investors reduce their risk exposure and focus on protecting their capital.</p>
<p>However, despite this, the report suggests that “most of the other metrics still suggest this cycle has quite some room to run.”</p>
<p>Investment management firm ARK Invest supported Edward’s views, agreeing that Bitcoin is still bullish.</p>
<p>ARK Invest analysts demonstrated that previous halving events set the stage for long-term momentum for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>.</p>
<p>If the halving cycle plays out as expected, Bitcoin’s price could enter a parabolic uptrend, reaching between the $180,000 and $200,00 price range if it sees a 3X increase in BTC price.</p>

Potential Bitcoin Stagnation for Months, Yet Analyst Eyes Promising Pattern

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