While the price of flagship cryptocurrency Bitcoin ($BTC) recently hit a ten-week low, one analyst recently said that the cryptocurrency’s price will soon see a “big move.”
On the microblogging platform, Twitter Checkmate, the lead on-chain analyst at Glassnode, observed that market participants were increasingly “fatigued.” He highlighted the sell-side risk ratio indicator, which is currently approaching its all-time low.
Despite the gap between actual and spot prices, Checkmate speculates that investors are not interested in selling at current prices, regardless of whether they make a profit on their personal investment.
In his words, this usually happens "when both sellers are exhausted, which is a sign that a big move is coming."
The last time the sell-side risk ratio was this low was in late 2015, before Bitcoin rallied to its previous halving cycle’s all-time high of $20,000 in December 2017.
Additionally, despite BTC’s recent poor performance, Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite Decentrader, encouraged investors to remain calm in a recent Twitter update.
According to Swift, Bitcoin is “performing well and as expected” even as the cryptocurrency market is filled with fear. As Cointelegraph reported, the cryptocurrency is currently trading at its lowest level since mid-March while trading in a tight $4,000 range.
Swift noted that “Bitcoin has clearly broken out of the realized price.” The realized price represents the total price that the BTC supply last moved. It’s currently hovering above $20,000, according to data from LookIntoBitcoin. Swift’s accompanying chart illustrates the cycles he’s referring to, each of which begins when the spot price crosses the realized price line. Historically, a major BTC surge has occurred about 140 days later.
As CryptoGlobe reported, William Clemente III, a well-known on-chain analyst and co-founder of Reflexivity Research, shed light on the growing popularity of Bitcoin, revealing remarkable statistics on the number of addresses holding varying amounts of the digital currency.
