Bitcoin Onchain Metrics Suggest Bull Cycle May Have Room to Continue Amid Consolidation
Main Idea
Bitcoin's onchain metrics and market indicators suggest the current bull cycle may continue, with potential for further price expansion, supported by resilient market structure and favorable investor sentiment.
Key Points
1. Bitcoin's Market Fundamental Index (BFI) shows network growth and liquidity, indicating potential for a breakout rather than a market top.
2. Short-term holder (STH) cost basis suggests active investor participation without signs of exhaustion or euphoria, with a risk zone noted near $138,000.
3. CoinGlass's dashboard, aggregating 30 bull market peak indicators, shows zero signals of a market top, with metrics like Pi Cycle Top and MVRV remaining favorable.
4. Analyst CryptosRus highlights the absence of peak signals, suggesting continued upside potential rather than imminent peaks.
5. Bitcoin's price action since nearing $123,000 has been marked by consolidation, with momentum indicating resilience.
Description
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