Why Bitcoin is Unlikely to Revisit $50K This Season: A Detailed Analysis
- Bitcoin Magazine researcher reviewed on-chain data and concluded BTC is unlikely to crash to $50K.
- The researcher observed new capital inflows absorbing BTC supplies from long-term holders.
- He noted BTC’s MVRV Z-Score sits at 2.68, indicating the market is halfway through the bull cycle.
According to Dylan LeClair, Head of Research at Bitcoin Magazine, Bitcoin is experiencing a full-fledged bull market despite recent retracement, asserting the unlikelihood of BTC crashing to $50K. LeClair expressed this sentiment in a recent post on X, updating the community on the current state of the Bitcoin market.
The researcher reviewed on-chain data, uncovering an interplay between long-term holders distributing their holdings and a surge of new capital inflows. One of the studied metrics was the supply distribution, particularly from Bitcoin’s realized market cap angle.
LeClair noted that Bitcoin’s realized market cap is witnessing a high positive rate of change. This metric, which reflects the value of each BTC at the price last moved on-chain, suggests that old Bitcoin holders are distributing their holdings, essentially taking profits.
Interestingly,…
The post Why Bitcoin is Unlikely to Revisit $50K This Season: A Detailed Analysis appeared first on Coin Edition.
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Why Bitcoin is Unlikely to Revisit $50K This Season: A Detailed Analysis
- Bitcoin Magazine researcher reviewed on-chain data and concluded BTC is unlikely to crash to $50K.
- The researcher observed new capital inflows absorbing BTC supplies from long-term holders.
- He noted BTC’s MVRV Z-Score sits at 2.68, indicating the market is halfway through the bull cycle.
According to Dylan LeClair, Head of Research at Bitcoin Magazine, Bitcoin is experiencing a full-fledged bull market despite recent retracement, asserting the unlikelihood of BTC crashing to $50K. LeClair expressed this sentiment in a recent post on X, updating the community on the current state of the Bitcoin market.
The researcher reviewed on-chain data, uncovering an interplay between long-term holders distributing their holdings and a surge of new capital inflows. One of the studied metrics was the supply distribution, particularly from Bitcoin’s realized market cap angle.
LeClair noted that Bitcoin’s realized market cap is witnessing a high positive rate of change. This metric, which reflects the value of each BTC at the price last moved on-chain, suggests that old Bitcoin holders are distributing their holdings, essentially taking profits.
Interestingly,…
The post Why Bitcoin is Unlikely to Revisit $50K This Season: A Detailed Analysis appeared first on Coin Edition.
Read More