Bitcoin ($BTC) Price Set for ‘Big Move’ as Sell-Side Risk Ratio Hits Record Low
While the price of the flagship cryptocurrency Bitcoin ($BTC) has recently hit a ten-week low, one analyst has recently suggested that the cryptocurrency’s price is set to soon undergo a “big move.”
On the microblogging platform Twitter Checkmate, the lead on-chain analyst at Glassnode, has observed a growing sense of “exhaustion” among market participants. He highlighted the Sell-side Risk Ratio metric, which is now approaching its lowest-ever recorded levels.
Despite the gap between realized price and spot, Checkmate surmised that investors are uninterested in selling at the current rates, regardless of whether they are making a profit on their individual investments.
Per his words, this typically happens “when sellers are exhausted on both sides, suggesting big moves are coming.”
The Sell-side Risk Ratio was last this low in late 2015, preceding Bitcoin’s ascension to its previous halving cycle’s all-time highs of $20,000 in December 2017.
Moreover, despite BTC’s recent lackluster performance Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite Decentrader, encouraged investors to remain unfazed in a recent Twitter update.
Per Swift, Bitcoin is “performing well and as expected” even as the cryptocurrency market is filled with panic. The cryptocurrency is now trading at its lowest-level since mid-March, while trading within a tight $4,000 range, as Cointelegraph reports.
Swift pointed to a “clear BTC breakout above Realized Price.” The realized price represents the overall price at which the BTC supply was last moved. As per data from LookIntoBitcoin, this price presently hovers just above $20,000. Swift’s accompanying chart illustrates the cycles he’s referring to, each one starting when the spot price surpasses the realized price line. Historically, a significant BTC surge followed approximately 140 days later.
As CryptoGlobe reported, prominent on-chain analyst William Clemente III, Co-Founder of Reflexivity Research, has shed light on the growing adoption of Bitcoin, revealing remarkable statistics about the number of addresses holding varying amounts of the digital currency.
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