The indicator allows you to find the top of Bitcoin
While there is still a shortfall before this bull market peaks, according to crypto analysts, it’s never too early to prepare. Isn’t it better to prepare in advance than to be surprised during the euphoria of a bull run?
With this in mind, it is important to be aware of the indicators to watch in a bull market. In fact, they help you sell at the best possible time. This in anticipation of the end of the bull market. A bull run is not eternal, it is important to take profits gradually.
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One indicator to consider is the long-term supply of bitcoin holders (or the bitcoin holdings of long-term holders). This indicator calculates the number of bitcoins that have not moved for 155 days or more. In general, this metric can be useful for tracking the trust of old and large investors in Bitcoin. On the contrary, it also allows to assess its temporary distancing from the market (ATH bull market).
As the chart taken from Bitbo shows, we have seen a gradual increase in the wealth of these long-term holders since the early days of BTC. However, when the price of Bitcoin is headed for a new high (ATH), these investors’ holdings decrease significantly in the short term. We even observe a decline at the exact moment of each new ATH. This sighting was seen especially in 2013, at the end of 2017 or even in 2021 during a two-phase ATH.
The bull market is still going on!
For 2024, sales began in mid-March, just after Bitcoin hit a new ATH. However, after the price declines during the spring and summer, long-term investors took the opportunity to re-accumulate. The latter therefore have confidence in Bitcoin and especially in future price growth. As a result, the current bull market should still have a few surprises in store for us and several price targets to watch.
At the time of writing, the price of BTC is off to a good start, indicating a very good week. Over the last 7 days, the price of Bitcoin has increased by 9.07%. At this point, long-term investors seem to have succeeded once again.
To complete your analyses, other indicators can help you find Bitcoin’s peak. Feel free to consult them throughout the bull market.
Moral of the story: finding the top of the market is like finding the holy grail.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.
