Bitcoin's Bull Cycle: Profit-Taking Signals and Persistent Demand
Glassnode analysis indicates Bitcoin is in a "historically late phase" of its market cycle, with profit-taking metrics resembling previous cycle tops. Historically, such stages have preceded new all-time highs within months.
Despite profit-taking by long-term holders, new market participants and whales are actively accumulating BTC, absorbing sell-side pressure. Declining exchange balances further suggest reduced immediate selling pressure.
Key metrics to watch include LTH profit-taking, aggressive accumulation by new holders and whales, and historical patterns. While caution is advised, the resilient demand suggests consolidation before potential further gains.