Bitcoin’s Approach to the Summit

Glassnode analyst James Check warned that Bitcoin may be approaching the peak of the bear market, comparing it to previous cycles in his analysis. According to Check, Bitcoin is in a similar position to the trend seen in December 2020, and could reach $73,750 by March 2024, resembling the rapid surges seen before previous peaks. Signs of the Summit The analysis shows that Bitcoin has been recovering since the start of the month market following April 2021. While Bitcoin technically surpassed the $69,000 peak in November 2021, Check considers April 2021 as the real peak. Long-term investors had sold significant amounts at that time. Selling Pressure and Bear Market Strength Current data indicates that long-term investors have been selling 257,000 BTC monthly, while small investors have started selling the Bitcoin they accumulated in the bull market. This selling trend supports Check’s peak prediction. However, it is noted that the current […]

Bitcoin’s Approach to the Summit

Glassnode analyst James Check warned that Bitcoin may be approaching the peak of the bear market, comparing it to previous cycles in his analysis. According to Check, Bitcoin is in a similar position to the trend seen in December 2020, and could reach $73,750 by March 2024, resembling the rapid surges seen before previous peaks.

Signs of the Summit

The analysis shows that Bitcoin has been recovering since the start of the month market following April 2021. While Bitcoin technically surpassed the $69,000 peak in November 2021, Check considers April 2021 as the real peak. Long-term investors had sold significant amounts at that time.

Selling Pressure and Bear Market Strength

Current data indicates that long-term investors have been selling 257,000 BTC monthly, while small investors have started selling the Bitcoin they accumulated in the bull market. This selling trend supports Check’s peak prediction. However, it is noted that the current bear market trend is one of the strongest in history, and the market continues to remain strong.

Expected Price Target

According to Check’s analysis, it is expected that at the end of the current bear cycle, Bitcoin may reach a price of $250,000. At the time of writing, BTC was struggling to hold at the $70,000 level.

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