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The price of Bitcoin has found its way back above the $85,000 mark, marking a huge success in the recovery from the coin’s latest slump toward $74,000. According to an on-chain analyst, this recent correction might not be as ominous as initially thought and could be part of a broader bull cycle.
Can BTC Price Reach A New All-Time High In This Cycle?
An analyst with the pseudonym ShayanBTC, in a Quicktake post on the CryptoQuant platform, shared fresh insights into the current Bitcoin market dynamics and the implications of the most recent price pullback. This evaluation is based on the Realized Cap of Unspent Transaction Output (UTXO) age bands, which analyzes the holding pattern of different investor cohorts.
The UTXO age bands metric tracks the average price at which Bitcoin holders purchased their coins compared to how long they’ve held the assets. In ShayanBTC’s latest analysis, the relevant age bands are the 3 – 6 months and 6 – 12 months cohorts.
According to data from CryptoQuant, the percentage of coins held by this class of investors has been on a steady rise. ShayanBTC noted that this climb appears similar to the accumulation patterns observed during the prolonged correction in the summer months of 2024.
The Quicktake analyst noted this pattern points to a “holding trend”, where the 3 – 6 months and 6 – 12 months investors are not offloading their assets despite the ongoing market correction. “As more coins move into the hands of long-term holders, the available circulating supply shrinks, increasing Bitcoin’s scarcity,” ShayanBTC added.
From a historical standpoint, these supply constraints could be a positive catalyst for robust price rallies, especially when combined with fresh demand. According to ShayanBTC, this market dynamic could set the stage for price discovery and propel the Bitcoin price to new all-time highs.
Furthermore, the Quicktake analyst believes that, with the current on-chain structure, there is a reduced likelihood that the Bitcoin market is currently at the start of a bear season. The ongoing drawdown instead seems to be a healthy correction within a broader bullish cycle.
Bitcoin Price At A Glance
The Bitcoin price appears to be building some bullish momentum, briefly crossing the $86,000 in the early hours of Sunday, April 13. As of this writing, the price of BTC stands at around $85,200, reflecting an over 2% increase in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by about 2% in the past seven days.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
