According to Bitcoin researcher Axel Adler Jr., recent on-chain metrics indicate that the cryptocurrency’s price cycle is currently experiencing a robust consolidation phase. In his analysis, Adler emphasizes that BTC has not yet reached an “overheated” status, highlighting resilience within the market. Utilizing the investor price model, he pointed out that sell signals that emerged in 2021 do not replicate current conditions.
Adler Jr. further asserts that the Cumulative Value-Days Destroyed (CVDD) metric, which tracks sales from long-term holders, signals a continuing “growth phase” for the market. To date, only one sell signal was recorded in this bull market, demonstrating limited selling pressure. In a recent article, he noted that a critical price level of $123,000 could trigger profit-taking among seasoned investors, potentially creating downward price movements.
Ultimately, Adler projects that if bitcoin maintains its momentum, it could rise to around $130,000 within the next three months. His insights reflect a methodical approach to analyzing market trends, providing clarity to investors navigating this evolving landscape.