The price of Bitcoin has seen a significant decline over the past few hours, falling by 4% over the past 24 hours to reach $58,526. The price continues to move away from its high of $73,835 on March 14.
In the past 30 days, the price of Bitcoin has fallen by $58,388, 15.3%, and has fallen by 13.7% over the past three months. Suggesting that Bitcoin is headed lower in June, this has prompted market analysts to wonder whether the âtop of the cycleâ has been reached for the leading cryptocurrency.
Cointelegraph reviewed some of the reasons why analysts believe that Bitcoin's bull run may have come to an end. Charles Edwards, founder of Capriol Investments, noted that blockchain metrics show that Bitcoin's failure to make new highs after retesting the top twice is a "sign of weakness."
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Indicators indicate a possible sharp decline in Bitcoin.. Has it reached its peak?
Sarah Al-Otaibi
Author
Sarah Al-Otaibi
Published 04/07/2024, 11:46
Indicators indicate a possible sharp decline in Bitcoin.. Has it reached its peak?
© Reuters
BTC/USD
-3.23%
Investing.com - The price of Bitcoin has seen a significant decline over the past few hours, falling by 4% over the past 24 hours to reach $58,526. The price continues to move away from its high of $73,835 on March 14.
In the past 30 days, Bitcoin has fallen $58,388, 15.3%, and has fallen 13.7% over the past three months. Suggesting that Bitcoin is headed lower in June, this has prompted market analysts to wonder whether the âtop of the cycleâ has been reached for the leading cryptocurrency.
Cointelegraph reviewed some of the reasons why analysts believe that Bitcoin's bull run may have come to an end. Charles Edwards, founder of Capriol Investments, noted that blockchain metrics show that Bitcoin's failure to make new highs after retesting the top twice is a "sign of weakness."
Bitcoin holders swell
In his recent newsletter, Edwards explained that the inflation rate for Bitcoin long-term (LTH) holders has been steadily increasing over the past two years.
According to GlassNode, the inflation rate for long-term Bitcoin holders measures annual accumulation rates as well as daily releases from miners. Higher values ââindicate increased selling pressure amid declining Bitcoin holdings.
At bull market tops, market inflation peaks above nominal inflation at the 2% threshold, âwhich typically represents a high probability of a cycle top,â Edwards says.
