CryptoQuant: Profit-taking causes Bitcoin to pull back 15%, but the bull market is not over yet

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Cointime2024/03/25 00:29

By:Cointime

CryptoQuant analysts believe that the bull market cycle of Bitcoin is not yet over because the price valuation indicator is still far from the peak of the previous bull market. After reaching a historical high of $73,700, Bitcoin entered a price correction period, and miners, "whales," and other market participants, including large investors, began to sell their Bitcoin holdings to make a profit. CryptoQuant also found that the unrealized profit ratio soared to 69%, the highest level since March 2021 when BTC's trading price was around $60,000. Despite traders selling off their assets, the unrealized profit ratio remains as high as 47%.

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.

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