As a seasoned researcher with extensive experience in analyzing cryptocurrency markets and trends, I find Ki Young Ju’s analysis of Bitcoin’s bull cycles particularly insightful. His focus on the behavior of old whales and their profit-taking patterns during past cycles provides valuable context for understanding the current market dynamics.
The head of CryptoQuant, who is also its CEO and founder, has shared his perspective that this current Bitcoin bull market may continue until mid-2025.
Profit-Taking From Old Bitcoin Whales Lasted For 18 Months In Previous Cycles
As a crypto investor, I’ve been keeping an eye on Ki Young Ju’s latest insights on his blog, X. Intriguingly, he’s shed light on a recurring behavior among old whales throughout previous market cycles. According to him, these experienced investors have tended to take profits at specific stages.
In simpler terms, Young Ju observes that elderly whales in the market make gains during bull runs. Their sales introduce fresh funds into wallets with no previous selling history, consequently pushing up the final transaction prices for Bitcoin.
Based on my extensive experience in the cryptocurrency world, I would recommend the following criteria for identifying potentially dormant Bitcoin addresses:
As a dedicated crypto investor, I can tell you that accumulation addresses represent the committed long-term investors in the market who consistently add to their holdings without selling. During thriving bull markets, as veteran whale investors cash out their profits, the demand from these unwavering HODLers helps mitigate the selling pressure.
The CEO of CryptoQuant has employed the “Realized Price” metric to illustrate this trend. This metric records the average purchase price for cryptocurrencies held by investors within this specific group.
If the level of this metric surpasses the current market price of the cryptocurrency, it signifies that the entire group is experiencing unrealized losses at present. Conversely, if the metric falls below the Bitcoin price, these long-term investors are enjoying realized profits.
Based on my extensive experience in analyzing cryptocurrency market trends, I’d be happy to walk you through the insights gleaned from this chart displaying the development of Bitcoin’s Realized Prices for Accumulation Addresses over the last ten years.
Based on the graph presented, the Realized Price for this group of Bitcoin investors has increased significantly during the past two bull markets. This implies that these investors likely purchased Bitcoin when its price was escalating, consequently boosting their average purchase price.
During those previous market cycles, it’s plausible that this amassing represented profits reaped from other market participants. As Young Ju noted, this period of profiteering persisted for approximately 18 months.
Based on the graph’s representation, the indicator has resumed its upward trajectory following this year’s price surge. This observation implies that Accumulation Addresses have returned to purchasing from previous large investors, indicative of profit-taking activities.
Based on the current trend, which has persisted for approximately four months, there may be around thirteen more months to go if past patterns hold true. Consequently, the expert’s prediction suggests that the ongoing Bitcoin bull market might extend until mid-2025.
BTC Price
Bitcoins have nearly reached the $70,000 mark in the previous day due to a significant increase of approximately 3%.
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2024-07-29 21:42