Bitcoin, which reached a new high of over $124,000 in mid-August, has been on a downward trend ever since.
Some analysts say this could indicate the start of the bear market, while others have argued that it is a healthy fix that occurs at the bull stage.
The latest updated analysis on this subject comes from cryptographic analyst Axel Adler.
Therefore, analysts said that while the bare market has not yet been launched, Bitcoin is in the final stages of the bull market and the peak could come in October.
According to Axel Adler's analysis using the classic Harving Bull Cycle model in his analysis, Bitcoin has entered the final stage of the Bull Market 504 days after the previous Harving event.
Speaking about Bull Market is still ongoing, analysts said Bitcoin remains solid and has proven its strength in the face of strong sales.
“In March, there was a major sale among long-term investors of around $70,000, and then sold for $98,000 and $117,000.
Despite these sales, institutional investors are currently absorbing sales volumes from long-term Bitcoin holders.
This means that the bull market is still strong. ”
Bitcoin peaks from October to November!
Finally, Adler noted that the final peak in the bloom market is typically when spot prices are around 11 times the average cost base for long-term investors, pointing out around October and November.
“The peak of the bull cycle occurs when spot prices are about 11 times higher than the average cost base of long-term investors.
Based on this timing, Bitcoin could peak with new ATHs around October-November this year. ”
*This is not investment advice.
