The CryptoQuant blockchain analysis platform stated in its message X that it is still a good time to enter the cryptocurrency market and buy on dips, despite the significant price increase over the past few days.
Bitcoin ($BTC ) rose by 34% in November, but data shows that investors have not yet seen explosive price movements and peak hype of the cryptocurrency bull run. Altcoins also showed strong growth, and CryptoQuant believes there is still room for growth.
The Bitcoin bull-bear market cycle indicator shows that the market has not reached the "extreme bullish phase." The platform explained that traders can enter the market during dips, which are common in bull markets. For example, the bull run of 2017 led to a dip of 22%, and in 2021 there were crashes of 10% and 30%.
Similarly, the 2024 market cycle experienced dips of 15% and 20%. Since this is only the beginning of the cycle, investors can expect future crashes that may provide good entry points. CryptoQuant added that higher prices push traders towards speculative bets, which represent a good buying point when these bets are washed out.
