#Bitcoin's on-chain analysis points well beyond $52 thousand
Bitcoin is approaching its peak of $69,000 every day, seen in 2021. The number one cryptocurrency has increased by 10 percent in the last week and more than 20 percent in the last month. The increase rate in a one-year period was 120 percent.
If Bitcoin gains approximately 38 percent from the current level of $51,800, it will reach the level of $69,000. Of course, Bitcoin reaching this peak will not satisfy investors who have been waiting for a new record for three years. Analysis of blockchain data shows that Bitcoin has a long way to go to reach its cyclical peak. This means that if we accept that Bitcoin is in a bull cycle, its new peak will be well beyond $69,000.
Ki Young Ju, CEO of on-chain analysis company CryptoQuant, stated that the rate of Bitcoins that have not moved for 6 months (according to Realized Cap) is 63 percent and compared this rate to the bull markets of the past. Accordingly, at the peak in 2021, the rate in question was 15 percent, at the peak in 2018 it was 5 percent and at the peak in 2014 it was 5 percent. CryptoQuant CEO said, “We have a long way to go to reach the cyclical peak.” commented
