 ▲ Bitcoin bulls vs. bears have conflicting views ©Coin Leaders |
Bitcoin (BTC), the leading cryptocurrency, is trading at a price that is about 16% lower than its all-time high as of the 3rd (local time), and Cointelegraph quoted multiple analysts as saying, “BTC may have already reached the peak of the cycle.” “It is high,” he analyzed.
“Over the past two years, the long-term bitcoin holder (LTH) inflation rate has steadily increased and is currently close to 1.9,” said Charles Edwards, founder of cryptocurrency hedge fund Capriole Investments. “This is a level that would occur when we are close to the peak of the cycle,” he explained.
He continued, "Over the past 90 days, Bitcoin's Dormant Z-Score has also risen sharply. A high Dormant Z-Score means that the price is overvalued without any support from trading volume. This also shows that the Bitcoin price has now reached its cycle high and is weak. “It means it can be converted to ,” he added.
On the other hand, according to CNBC, CCData, a cryptocurrency research company, analyzed in a recent report, "Bitcoin has not yet reached the peak of the current cycle, and is likely to break its all-time high this year."
The report said, “BTC halvings were accompanied by asset class maturation and reduced volatility, often creating longer bull cycles than before. Based on analysis of past halvings, the current cycle is expected to extend until 2025. As the number of institutional participants increases, there is a difference from the past, and the sideways trend due to low trading volume may continue into the third quarter. However, this sideways trend is expected to be temporary, and as the parabolic pattern has not yet appeared, there is a high possibility that it will hit its highest point within the year. “It is,” he emphasized.
According to CoinMarketCap, Bitcoin's all-time high was $73,750.07, achieved on March 14.
