Cryptocurrency analytics firm CryptoQuant suggests that Bitcoin’s March 2024 all-time high is not the market’s final peak.
Based on on-chain data, analysts believe that the March peak could be an “initial peak” rather than the final peak of the current bull cycle.
According to analysts, a key metric supporting this assessment is Binary Coin Days Destroyed (CDD), which tracks the activity of long-term BTC holders. While there is a noticeable profit-taking by these investors around March 2024, Binary CDD has yet to reach the critical “red zone” that typically signals the end of a bull market. Historically, this level has been reached before the market has experienced its recent peak, indicating that there may still be room for further price appreciation.
In addition, according to CryptoQuant, data suggests that activity from long-term holders is currently stagnant and selling pressure from these holders has significantly decreased. This lack of large-scale selling suggests that the market is immature and still far from the ultimate peak. The current period of consolidation following the March highs may be a temporary “cooling” phase.
Once this consolidation phase is over, CryptoQuant analysts predict that another upward price move could occur. They expect long-term holders to re-engage as Bitcoin approaches its eventual peak, with Binary CDD likely reaching the red zone, signaling the next major price adjustment.
*This is not investment advice.
