Over the last few weeks the bullish trend of Bitcoin has diminished, which calls into question the progress of the bull crypto cycle. The crypto market experienced a sudden crash on Friday, April 12. This caused the value of the leading cryptocurrency to plummet. drop from $70,000 Below $67,000
The recent downturn highlights Bitcoin’s struggles to get back to the all-time record high price of $73,737 that was reached in mid-March. Santiment, an on-chain analytics platform, has spotted a Bitcoin metric which may indicate the return of the bull market.
Bitcoin Bull Run to Resume if This Metric Falls
A recent post on XSantiment is a firm that provides blockchain-based intelligence. They have provided some fascinating insights into Bitcoin’s price and current cycle. The Mean Dollar Invested Age metric is one indicator that the company has identified to keep an eye on as the market’s leader continues its sideways movement.
The following is a list of SantimentThe Mean Dollar Invested Age metric measures the age average of an investment that was held in a wallet. This indicator indicates that the investments have become more static and older coins are still being kept in wallets.
A decreasing mean dollar invested age metric indicates that investment is flowing back to the regular economy. This “falling line” This suggests a possible increase in activity on the networks.
Bitcoin Chart Mean Dollar Invested Age | Source: Santiment/X
In the past, Bitcoin showed a declining Mean Dollar Invested age line. Santiment says that the prime cryptocurrency has experienced a bull run since the end of October 2023.
However, the on-chain analysis platform noted that Bitcoin’s Mean Dollar Invested Age (MDIA) line had been shifting sideways for two weeks. It is shocking that this phenomenon has occurred, especially since the highly anticipated halving of Bitcoin is just a week off.
Bitcoin halves will reduce the miner’s reward in half. This is an e-mail. bullish event that has contributed to the optimistic outlook – borne by most investors – for the premier cryptocurrency in 2024.
Investors might be interested in Santiment’s latest report to see the Bitcoin Mean Dollar invested age metric. And then there’s the bull run is likely to continue If BTC’s Mean Dollar Invested Age resumes falling, it would imply the major stakeholder (such as whales), are moving their coins back into normal circulation.
BTC price at a glance
Bitcoin’s price is currently around $66,548, a 6% drop in just the last 24 hours.
Bitcoin Price Falls Below $67,000 On The Daily Timeframe | Source: BTCUSDT chart on TradingView
Featured Image from iStock and chart from TradingView
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