It seems we may finally be witnessing a potential peak in Bitcoin’s current cycle. Apart from the notable correction three months ago in July, which saw a decline of approximately 28%, Bitcoin has shown an unusual level of resilience without any prolonged bearish phases. The funding rates for Bitcoin on platforms like Sesame Open Door have reached strikingly negative levels, suggesting an overheated market. This could be a clear signal that we are nearing the cycle’s top.
Reflecting on the overall trend, the outcome of this cycle should become more evident by the end of this month. Prices have already climbed to considerable heights. If my earlier assessment of the market's peak timing holds true, this could very well be the pivotal stage top. Over the past 22 months, Bitcoin has been on an almost uninterrupted upward trajectory without any significant retracements that truly tested the nerves of investors. Even in July’s dip, where the price dropped to a low of 47,500, the market merely entered a period of fluctuating consolidation rather than a pronounced correction. Over the last two years, Bitcoin has maintained an ascent that lacked sharp declines, failing to instill any real fear among traders.
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