September 16, 2023 10:01 am

Bitcoin’s ‘new bull cycle’ predicted as metric bottoms, resulting in 70% gains

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The recent dip in Bitcoin’s price has not shaken the overall uptrend of the cryptocurrency, according to the Realized Cap HODL Waves (RHODL) metric. The creator of the on-chain analytics platform LookIntoBitcoin shared this positive news in a post on August 22.

The RHODL metric takes into account the BTC supply by grouping it based on when each coin, or Unspent Transaction Output (UTXO), was last moved. It then weighs this data by the realized price, which is the price at which the coin last moved. This metric provides insights into the market’s willingness to pay higher values for Bitcoin compared to historical norms, indicating a potentially overheated market.

Currently, there is an upward trend in the bands of coins that last moved three to six months ago. This phenomenon has been observed at the beginning of Bitcoin’s previous bull markets. Therefore, the recent price dip is seen as part of a larger bull trend, with new money flowing into the market and signaling the start of a new bull cycle.

The RHODL metric has a track record of accurately capturing BTC price phases. Back in December 2022, when BTC/USD was hovering around its two-year lows, the metric was used to identify the end of “euphoria” among Bitcoin’s speculative investors. This marked a turning point in the market, with potential for maximum risk-reward opportunity. Since then, Bitcoin has been on an uptrend, delivering significant gains in the first quarter of this year.

The composition of Bitcoin investors has also changed during this period. Short-term holders (STHs), who hold BTC for 155 days or less, have reduced their overall exposure to the cryptocurrency. The recent price dip has increased the pressure on remaining speculators, with almost 90% of STH coins currently held at an unrealized loss.

It’s important to note that this article does not provide investment advice or recommendations. Investing in Bitcoin and trading cryptocurrencies always involves risk, and readers should conduct their own research before making any decisions.

In conclusion, despite the recent dip in Bitcoin’s price, the RHODL metric suggests that the overall uptrend is still intact. New money flowing into the market and the upward trend in coins that last moved three to six months ago indicate the start of a new bull cycle. However, investors should exercise caution and conduct thorough research before making any investment decisions.

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Original Source: Bitcoin’s ‘new bull cycle’ predicted as metric bottoms, resulting in 70% gains

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