Bitcoin (BTC) Cycle Top Near? Check Out This Metric

Typically, Bitcoiners ($BTC) move their reserves more actively as the price nears the cycle top. Today's situation is very far from this euphoria, as per the CryptoQuant CEO. However, a new all-time high might be just a few months away, indicators say.

Bitcoin ($BTC) crucial metric says cycle top is very far

As the Bitcoin ($BTC) price stabilized over $51,000, 63% of its supply (by realized capitalization) was not moved for at least six months in a row. This might hint at an ongoing distribution phase for Bitcoin ($BTC), on-chain analyst CryptoQuant says.

CEO Ki Young Ju said today, Feb. 17, 2024, that "we have a long way to reach the cyclical top." For the previous three cycles, this metric was in the 5-15% range near the top.

The realized cap ratio of Bitcoins ($BTC) that stayed dormant in the last six months is a major metric used to identify the current stage of its price cycle.

On the bottom of this cycle that was registered in November 2022 after the FTX/Alameda ecosystem collapse, the metric was near 80%.

Last week, Bitcoin ($BTC), the largest cryptocurrency, recovered to levels unseen since December 2021, and stopped one step away from the $53,000 level.

New Bitcoin ($BTC) price $ATH expected in early Q3, 2024

Bitcoin's historic price record was registered on Nov. 10, 2021, at almost $69,000; today, $BTC is changing hands 24% cheaper.

Typically, Bitcoin ($BTC) exceeds the previous $ATH on the eighth month after the halving. The next (fourth) $BTC halving event is set to happen in April this year.

Combined with several hashrate and difficulty implications, this indicates the possibility of the next Bitcoin $ATH coming in the next six months, IntoTheBlock data says.