Bitcoin price began on the weekend in the worst possible way, as it decreased below the level of $ 115,000 for the first time since early July. Looking at the supposed The importance of this price signThere were questions about the main area of the bitcoin price. The latest data on the series indicates that Run Bitcoin Bull may not have ended yet.
BTC holders start in the long term distribution
In August 1st on X, Crypto Joao Wedson analyst I mentioned The bitcoin cycle for long -term holders seems to be close to its end.
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Widson emphasized that, regardless of the continuous excitement about the circulating investment funds, the data on the series show a clear shift in the market. This shift indicates that long -term cryptocurrencies began selling their coins, and in large sizes as well.
According to the analyst, about 50 % of the Bitcoin amount held in the boxes circulated in the exchange by LTHS. However, regardless of this situation, Wedson expects the BTC Bull market for at least “other two months” and Altcoins bull cycle For three months.
Flash warnings of the main standards – but the “final summit” has not yet been seen
Widson supported his demand for four indicators on the series, starting with The modified currencies that have been modified, which show late metal currencies, were destroyed after being sleeping for a long period of time.
The analyst explained that there was A large movement of old BTC During the past two years. This, as Wesmson confirmed, raised three main warning signs that coincide with a local summit.
Wedson also referred to the reserve risk indicators to measure the current condemnation. This scale, from the analysis, entered into a warning area, where there is an increase in the activity of sale and exchange of hand.
Next, the results of the critics adapted on the Internet from the sign of the consuming output (SOPR). SOPH measures whether metal currencies (in this case, Bitcoin) are transported with profit or loss. Widson noted that this indicator recently a declining signal, which means it means Increase profits In the market.
Referring to it as the “most accurate scale in the world” used to determine the total bitcoin peaks, and predicts the highest Bitcoin cycle market: MAX Interest SMA is finally developed. Weeson highlighted that this scale has not preceded any declining signal. Using the graph below, the analyst explained that until the blue line reaches the level of $ 69,000, the final summit has not yet reached.
Ultimately, the analyst preached caution against panic, as the patterns of historical cycle indicate that the highest final market has not yet reached. As of this writing, the Bitcoin value is about $ 113,052, which reflects a 1.2 % decrease in prices during the past 24 hours.
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Distinctive image from Istock, tradingvief chart
