Typically, Bitcoiners (BTC) move their reserves more actively as the price approaches the cycle top. The current situation is very far from this euphoria, according to the CEO of CryptoQuant. However, a new all-time high could be reached in just a few months, according to indicators.
Crucial Bitcoin (BTC) Metric Indicates Cycle Top Is Very Far Away
While the price of Bitcoin (BTC) has stabilized above $51,000, 63% of its supply (in terms of realized capitalization) has not moved for at least six consecutive months. This could hint at an ongoing distribution phase for Bitcoin (BTC), according to on-chain analyst CryptoQuant.
CEO Ki Young Ju said today, February 17, 2024, that “we still have a long way to go to reach the cyclical peak.” In the previous three cycles, this metric was in the 5-15% range, near the peak.
The realized capitalization ratio of Bitcoin (BTC) that has been inactive for the past six months is a major metric used to identify the current stage of its price cycle.
At the bottom of this cycle recorded in November 2022 after the collapse of the FTX/Alameda ecosystem, the metric was close to 80%.
Last week, Bitcoin (BTC), the largest cryptocurrency, returned to levels not seen since December 2021 and stopped just one step away from the $53,000 level.
New Bitcoin (BTC) ATH Price Expected Early in Q3 2024
Bitcoin's all-time price record was recorded on November 10, 2021, at nearly $69,000; today, BTC changes hands 24% cheaper.
Typically, Bitcoin (BTC) exceeds the previous ATH in the eighth month after the halving. The next (fourth) BTC halving event is expected to take place in April this year.
Combined with several hashrate and difficulty implications, this indicates the possibility of the next Bitcoin ATH arriving within the next six months, according to data from IntoTheBlock.