Bitcoin continues to rally to new all-time highs daily, with crypto investors wondering which price level will be the next victim of the cryptocurrency’s upward momentum. While market participants speculate on which price would be bitcoin’s final destination for this bull run, analysts have outlined on-chain conditions to look out for in the future.
“The market and its analysis can be approached in several ways, often complementary to each other. Techniques include technical analysis, sentiment analysis, and on-chain analysis, to name a few. Below, we’ve selected an approach that is both comprehensive and relatively simple to understand. We’ve also had success using these metrics to estimate and predict previous BTC tops,” Santiment added.
As the behavior of smaller BTC holders indicates whether retail traders are joining the rally, profit-taking patterns show whether these investors are slowing down in realizing their profits. Profit-taking patterns signal retail greed and fear of missing out , which often precede market tops.Per Santiment’s analysis, retail activity and profit-taking had not fully materialized by November 13.
Meanwhile, it may take some time before BTC can record a top in this cycle because several analysts believe the leading crypto asset couldWhat Is The Open Network : All You Need to Know in 2024Sign-up FREE to receive our extended weekly market update and coin analysis report Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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