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Bitcoin is currently worth around $94,000 after trading above $108,000 earlier this week. While traders continue to take profits, analysts believe the cryptocurrency still has room for growth.by Rafael Schultze-Kraft, the co-founder of the on-chain market intelligence platform Glassnode, over 20 charts and metrics suggest BTC has yet to form its top for this cycle.The Market Value to Realized Value metric, which measures unrealized profitability, is currently hovering around 3.
One more indicator to watch is the Market Cap to Thermocap Ratio, which is not close to previous extremes. Historical data has shown that BTC tops occur when this metric reaches a multiple of 32-64; however, the metric currently hovers at the bottom of this range. The top band of this metric will put Bitcoin’s market cap above $4 trillion.Furthermore, the Investor Tool metric suggests BTC could top at $230,000.
Moreover, the Value Days Destroyed Multiple, which compares near-term coin days destruction to the yearly average to determine increasing spending of older coins that eventually overpower demand, sits at 2.2. With previous extreme values above 2.9, the indicator Schultze-Kraft listed other metrics and charts, including the Mayer Multiple, the Cycle Extremes Oscillator Chart, the Pi Cycle Top Indicator, the LTH Inflation rate, the Sell-side Risk Ratio, and the Short-term Holder Spent Output Profit Ratio.
While these indicators have placed bitcoin’s cycle top at different levels, they all suggest that the digital asset is only halfway through this bull run.What Is Sui Network : The Ultimate Guide in 2024One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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