On-chain data on Bitcoin's realized net profit shows the size of the realized profit/loss at that price range.

During a bull market, when Bitcoin reaches the peak of the previous bull cycle, the scale of realized profits increases, and Bitcoin goes through a period of sideways or correction to absorb volume.

Then the market hit the latter part of the bull market and saw strong returns.

Currently, Bitcoin has reached the peak of the 2021 bull market and is digesting profit-making volume.

After a correction or sideways period of about 1-2 months, we could see another sharp increase.

Plus, since the sharp rise of most altcoins occurred in the latter part of the bull market, 2024 could be a year to look forward to for both Bitcoin and altcoins.

Article by Crypto Dan.