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- CryptoCon shared a summary about Bitcoin
’s November 28 Time Cycles indicator. Specifically, using 4-year time cycles against CryptoCon’s theory produced the complete behavior of Bitcoin over time since its inception. - At the time of writing, BTC was trading at $25,890 and had a market value of over $503 billion.
- BTC’s aSORP was green, indicating investors were selling at a loss. This usually indicates the bottom of a bear market. Furthermore, Net Unrealized Profit and Loss (NUPL) indicated that the market was in a state of fear.
Lost supply in Bitcoin reaches its highest level in 7 months! This stagnation in BTC price could result in a price increase! Current BTC metrics.
Lost Supply in Bitcoin at 7-Month High
Bitcoin’s price has been under the influence of bears for a while and has fallen below $26,000 at the time of writing. Furthermore, a tweet from Glassnode Alerts stated that BTC’s lost supply reached its highest level in the past 7 months on September 8, with 7,670,004.977 BTC.
However, as previously reported, there may be more volatility in the coming days.
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On September 7, CryptoCon shared a summary about Bitcoin’s November 28 Time Cycles indicator. Specifically, using 4-year time cycles against CryptoCon’s theory produced the complete behavior of Bitcoin over time since its inception. According to the data, Bitcoin’s price may soon enter the “mid-term stagnation” phase.
According to the November 28 Time Cycles, the current phase of Bitcoin will be the longest period it will spend until reaching the bottom of the curve. If the analysis is believed, BTC will enter the next bull market somewhere in November 2024.
This also aligns with the upcoming halving, as halvings have historically been followed by bull rallies a few months after their completion. However, as we prepare to enter the mid-term stagnation phase, we can expect Bitcoin to record slight increases in the near future.
Bitcoin ETF Update: Analysis of the Impact of US Spot ETF Approvals
At the time of writing, BTC was trading at $25,890 and had a market value of over $503 billion. CryptoQuant’s data revealed that most metrics were bullish, which could lead to a price increase in the near future.
Net deposit transactions of Bitcoin on exchanges were below the seven-day average, indicating no selling pressure.
BTC’s aSORP was green, indicating investors were selling at a loss. This usually indicates the bottom of a bear market. Furthermore, Net Unrealized Profit and Loss (NUPL) indicated that the market was in a state of fear – another bullish signal.
