🚀Bitcoin enthusiasts, buckle up! Despite BTC's price being stuck below $70,000, the party isn't over yet! 🎉
According to CryptoQuant's latest analysis, the BTC market hasn't hit peak euphoria yet. In previous cycles, coins held for less than 3 months dominated the scene, suggesting that long-term holders had cashed out, leaving the market to speculators and newbies. But this time, short-term holders account for only about 35% of the realized cap, similar to the early stages of previous bull markets. 🐂
Even better, the realized profit level among short-term holders hasn't surpassed historical peak levels seen at earlier cycle tops. Long-term holders are dominating the market, providing a solid price support base. 📈
This means that a sudden shift to a bear market is less likely, and there's still room for a price rally. So, don't lose hope, BTC believers! 🙌
However, it's not all sunshine and rainbows. BTC holders recently experienced the biggest 3-day drop in non-empty wallets, coinciding with a price slide. This could encourage traders to liquidate their holdings out of fear of further price drops. 😱
Meanwhile, Ethereum wallets continue to grow, indicating sustained interest in the largest altcoin. This divergence in wallet activity suggests that Bitcoin is currently facing selling pressure.
So, will the retail crowd step in and push BTC above $70K? Only time will tell. Stay tuned! 🕰️👀