Bitcoin Crosses $93,000 – Is There More Room for Gains or Are We Nearing a Peak?
2024年11月14日 - 5:00PM
NEWSBTC
Bitcoin has continued with its strong bullish momentum, trading at
highs that have never before been seen. Today, the asset has
achieved a new all-time high of roughly $93,477. This ATH was
achieved not long ago following an earlier dip today to $85,000.
However, at the time of writing, BTC has seen a slight pullback,
now down 0.5% from its peak to currently trade at $92,544, albeit
still up 5.6% in the past day. Related Reading: Is Bitcoin Now
Overheating? Key Metrics Reveal Crucial Insights For Investors
Bitcoin Finally At Its Peak? Amid the price surge in BTC, market
analysts have offered their perspectives on Bitcoin’s potential
trajectory. Crazzyblockk, a CryptoQuant analyst, addressed
questions regarding whether Bitcoin has reached its peak by
evaluating market profitability indicators. According to
Crazzyblockk, two key metrics are essential for assessing Bitcoin’s
profitability: the number of Bitcoin addresses currently in profit
and the overall profitability rate for these addresses. The analyst
observed that nearly all Bitcoin addresses are profitable,
indicating heightened market risk. However, he also noted that
current profit margins across different holding periods remain
below those observed during previous bull markets, such as the
2019-2020 and 2021 uptrends, where profit margins reached 800-900%.
Despite concerns about potential short-term price corrections due
to elevated market risks, Crazzyblockk expressed confidence in
Bitcoin’s long-term upward trajectory. He emphasized that
strategies such as Dollar-Cost Averaging (DCA) and maintaining a
long-term investment approach could benefit capital growth in this
environment. More Room For Gains? In a separate analysis,
CryptoQuant analyst Avocado Onchain highlighted miner activity and
its implications for Bitcoin’s price movement. Avocado noted that
some Bitcoin miners have already begun taking profits, but this
does not necessarily indicate a weakening of Bitcoin’s overall
upward potential. He pointed to the Miner Position Index (MPI),
which tracks Bitcoin outflows from miners’ wallets relative to the
annual average. A high MPI suggests increased miner selling
activity, which can signal that Bitcoin’s price may be approaching
a cycle peak. Related Reading: Short-Term Bitcoin Holders Move
Millions To Binance—Is A Market Correction Imminent? So far, recent
data showed a slight increase in MPI as Bitcoin reached new
all-time highs. Avocado explained that this could represent early
positioning for the next market cycle. By converting MPI to a
30-day moving average, clearer signals emerge regarding market
cycles. The analyst identified patterns of profit-taking by miners
near cycle tops, often followed by subsequent price increases and,
eventually, longer-term downtrends. Avocado Onchain also
highlighted additional data supporting the potential for further
Bitcoin price growth. The hashrate and mining difficulty, key
indicators of mining activity and network security, have reached
new highs, reflecting strong miner participation and overall
network health. This data, combined with continued market interest
and growing liquidity, suggests that Bitcoin’s price could
experience further upside in this cycle, as suggested by Avocado’s
analysis. Featured image created with DALL-E, Chart from
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