Bitcoin Market Cycle Top May Not Be Reached Yet
- Bitcoin’s price has fallen over 13% from its all-time high of $126,199 on October 6.
- CryptoQuant contributor PelinayPA estimates a 55% probability that the Bitcoin market cycle top is not yet reached.
- An increase in short-term Bitcoin inflows to exchanges suggests profit-taking by traders.
- Long-term holders are largely inactive, indicating confidence despite recent price declines.
- BTC could test the $102,000 support level if selling pressure continues.
The analysis suggests that while Bitcoin’s current price is lower than its peak, long-term market confidence remains strong with minimal selling activity from long-term holders. This indicates potential for further growth in the ongoing bull market cycle.
