$BTC In the last bull cycle, 80% of the peak metrics were never reached. I believe we may see something similar with the bottom metrics as well. The supply of long-term holders at a loss has already surpassed FTX levels and is close to 2018 levels. The realized price is around 50K, we tested the LTH realized price in every cycle, so a revisit is within the realm of possibility. But I would not call it for certain: many cycle-top metrics were not triggered in the last cycle, and the same may happen with bottom metrics in the future. In any case, the market is already at loss levels comparable to FTX/2018. That already says a lot.
$BTC Last bull cycle, 80% of peak metrics were never hit. I believe we could see something similar with the bottom metrics aswell. The Long term holder supply sitting in a loss has already surpassed the FTX levels and is close to the 2018 levels. Realized price sits around 50K, we’ve tested the LTH realized price every cycle, so a revisit is in the realm of possibilities. But, I wouldn’t marry that, many top cycle metrics never triggered last cycle, and the same could happen with bottom metrics in the future. Either way, the market is already sitting at loss levels comparable to FTX/2018. That should tell you alot.
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