Bitcoin bull market process analysis: the current trend or imply the remaining 4-7 months of bull market cycle

Bitget App

Trade smarter

Bitget

News

CryptoChan2024/11/29 04:11

By:CryptoChan

According to CryptoChan's latest chart, the remaining period of the Bitcoin bull market may be between 4-7 months.

As shown in the figure, the BTC price (upper indicator) has shown an upward trend in the past few months, while the proportion of long-term holders' chips below has also shown a significant increase. The continuous increase in the proportion of long-term holders usually means that the market supply is tightening, which provides support for the rise in Bitcoin price. From historical data, the bull market cycles in 2017 and 2021 also showed similar trends.

After comprehensive analysis, this change in chip distribution may be the key to the bull market process, indicating that the Bitcoin price may continue to rise in the coming months until it reaches the end of the cycle.

Bitcoin bull market process analysis: the current trend or imply the remaining 4-7 months of bull market cycle image 0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.