You can also find out more about the following: price of Bitcoin The market has returned to its choppy condition and any hope of seeing a new breakout at highs is now gone. The good news is the bull cycle is not over yet, even if it takes a little while to get the leading cryptocurrency back on track.
The latest observation on the blockchain shows that Bitcoin is going through an a “euphoria wave” These past months have been a time of growth. This is the impact of the phase in the bull market.
How Old Is The Current Bitcoin ‘Euphoria Wave’?
Blockchain intelligence firm Glassnode revealed The X platform announced via a tweet that Bitcoin is now in the euphoria period of the cycle. This observation on-chain is based upon the “Percent Supply in Profit” The profit percentage is calculated by measuring the current value of Bitcoin as a proportion of total supply.
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Glassnode says that according to Glassnode the “Euphoria Wave” This is a time period in which profit fluctuates at around 90%. The phase usually lasts from 6 to 12 month and is characterised by increased market speculation and investor sentiment.
Glassnode shows data that 93.4% Bitcoin is in green currently and that there are no circulating Bitcoins. Euphoria Wave You can learn more about it here. “relatively young”. On-chain analytics noted that the phase of euphoria has been active only for two and half months.
Euphoria Waves will end eventually, just like any other market phase. Historically speaking, the phase of euphoria can indicate a peak and usually is followed by a period of cooling, as indicated by a decline in Bitcoin prices.
If the last cycle – with a 6-month Euphoria Wave – is anything to go by, then there might still be about three to four months in the current bull run. The current profitability of cryptocurrency’s premier coin may be crucial in determining the length of this bull run. bull cycle Overall future trajectory
Rise Of BTC Accumulation Addresses Continued In May: Analyst
The continuous increase in accumulation addresses is one of the most telling signs that Bitcoin’s bullish mood has been gaining momentum. According to a CryptoQuant on-chain analyst, the number of BTC accumulation address has increased significantly.
The Analyst pointed out The positive price trend has continued despite BTC’s slow performance in May. The large Bitcoin holders also continue to load their bagsSignificant purchases have been made in the last month.
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Bitcoin’s current value is $67,744, which represents a 0.4% rise in just the past 24 hours. Data from CoinGecko shows that the first cryptocurrency has risen by around 15% over the last month.
Featured Image from iStock and chart from TradingView
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Source: www.newsbtc.com