Bitcoin's March ATH Not the Final Peak: On-Chain Analysis
CryptoNewsTerminal Staff05 Sep, 2024
Bitcoin's March ATH Not the Final Peak: On-Chain Analysis
Bitcoin's March ATH Not the Final Peak: On-Chain Analysis According to CryptoQuant analyst Sassi's on-chain analysis, Bitcoin's previous all-time high (ATH) in March is unlikely to be the final peak of this cycle. Instead, it may have been an "interim top" due to a temporary correction. The Binary Coin Days Destroyed (CDD) indicator, which tracks the movements of long-term holders, indicates that they profited significantly around March. However, it has not yet entered the red zone, signaling that the market has room to grow. The lack of large-scale selling by long-term holders suggests that the market is not yet at its peak. Sassi believes that once long-term holders start moving, Binary CDD will indicate a potential final peak. This analysis suggests that the market is currently in a cooling-off phase, but it is not the end of the bull market. Another upward movement is possible after this period.
