A critical piece of data has revealed the peak Bitcoin could reach in this bull market
According to data provided by CryptoQuant, Bitcoin’s “realized price” valuation metric suggests that the upper price band points to a target of $146,000, which historically represents levels seen at the beginning of Bitcoin’s peak cycles.
The peak experienced in April-May 2021 also pointed to a similar upper band level. As can be clearly seen in the visual, the realized price bands are quite compatible with Bitcoin's price cycles.
Particularly, the effect of the upper band on the Bitcoin price, with the Realized Price level indicated by the blue line, is noteworthy.
Current market movements suggest that historical cycles may repeat themselves and Bitcoin may experience a rally towards the upper band. This data from CryptoQuant continues to be an important reference point for investors.
Stay tuned.