Bitcoin holders and investors are still waiting for the next bull cycle that could push the cryptocurrency price above its current all-time high.
Candidates believe the next bull move in the first cryptocurrency is inevitable, and it’s not a question of if it will happen, but when.
For newcomers to the crypto space, the classic example Percentage of bull cycles that occurred last year after the infamous May 2021 crash.
In November of that year, the market surged, notable for Bitcoin pushing its market cap to over $1.2 trillion and a new ATH of $69,044.
Since then, however, the alpha crypto has returned to lower price points, struggling to breach the $20,189 marker until reaching the $20,189 mark to this day. coin gecko.
Still, BTC holders and traders are patiently waiting as they believe the asset will soon be at the forefront of another bull cycle.
Fewer Bitcoin Holders Profit
It makes sense that bitcoin traders and holders could only make a small profit as the market was riding a bearish momentum.
A closer look at the return on output spent on assets (SOPR) confirms the above. hypothesisThis also shows that Bitcoin’s next long-awaited bull market is not coming soon.
When is the next bull cycle? Image: Coinpedia
A long-term SOPR score of 0.66 revealed that those holding BTC for more than 155 days lost money. There is a good chance it will definitely end its integration scope.
With speculation as to when Bitcoin’s next big price jump will occur in 2023 or 2025, CryptoQuant analyst Papi said that BTC will surpass ATH in November 2021, growing 179% to reach 115,000. It said it would be traded in dollars.
A lot can still happen before the next bull cycle
There is still a lot that can happen before major cryptocurrencies reach even higher heights.There are actually two scenarios, the first scenario where the assets half Its price will start its bullish momentum by 2023.
The second is that Bitcoin is waiting until 2025 to consolidate further and shock the crypto space once again with another staggering price jump.
One factor that may help BTC in an impending bull market is that more owners decide to move their coins rather than let them sit idle while waiting for a chance to make a profit. the fact that it did.
As investors, holders, and traders wait patiently for a bullish cycle, Bitcoin has been proven to respond to many forms of stimuli, so be sure to monitor Bitcoin-related events and activity closely. is important.
BTC total market cap at $393 billion on the daily chart | Featured image from USA Today, Chart: TradingView.com