Bitcoin Price ‘Not at the Top’ of New Bull Cycle Yet, New Data Shows
William Suberg's original article for cointelegraph.com reduced by 57%
Bitcoin price has far higher to go during its current market cycle if crowd sentiment takes charge, according to analysis of the Bitcoin Days Destroyed technical metric. In social media posts Aug. 22, Hans Hauge, senior qualitative researcher at crypto investment fund Ikigai, identified Bitcoin sentiment as being similar to early 2017.
"Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD," he summarized tweeting a corresponding chart. What's BDD? BDD refers to the amount of time between movements of an amount of Bitcoin. Coupled to this, as Cointelegraph recently reported, the Bitcoin Fear & Greed Index, which also measures market sentiment, remains near the bottom of its possible range.
Zooming out other market analysts predict just the opposite, fresh gains to be characterized by next year's block size reward halving due in May. PlanB, the Twitter account championing the stock-to-flow method of predicting Bitcoin price, likewise suggested current behavior mimics that of early 2017. "Bitcoin's 3 month struggle to break the magical $10k feels like begin 2017 struggle to break $1k ...
we all know what comes next," he tweeted last week.
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CN [too long; didn’t read]
Summarised crypto news.