Bitcoin’s ongoing price trajectory may share this similarity with BTC’s 2018 cycle

Following Bitcoin’s [BTC] recent resurgence above $21,000, it was not out of the question that investors might have heaved a sigh of relief. Nonetheless, the solace might only last for a short period. This assertion was because the signal on-chain seemed to correlate with the bearish drawdown of the past. Here’s AMBCrypto’s Price Prediction for Bitcoin [BTC] […]

per the one-week and one-month band of the 2018 capitulation. Laying reasons for his claim, the analyst referred to the Unspent Transaction Output . The analyst noted that the UXTO state had broken the one-month and one-week bands. Per the events of 2018, Bitcoin capitulated to $6,000.the Bitcoin realized price per the UXTO above, CryptoQuant revealed that the holding behavior of the most recent age distribution contrasted with that of the long-term faithful.

In addition, this state revealed that there had been more capital inflows. Despite the highs, investors might need to exercise caution. This was because rising peaks of the realized profit or loss could suggest a move to the sell option. It might be worse if demand decreased and short-term investors actively began taking profits.In a case where the demand shrinks and the UXTO remains in the same state, BTC could succumb to the urge from bears.

Based on indications from the chart, the 20 EMA and 50 EMA were almost at the same spot. Despite the Bitcoin price rising above these levels, the current position indicated that the king coin was at risk of a reversal or consolidation between $20,000 and $21,000.Subscribe to get it daily in your inbox.

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