📊 Bitcoin may reach the peak of the current market cycle by the end of August. This forecast was published by CryptoQuant analyst known as Yonsei_dent, who analyzed the MVRV (Market Value to Realized Value) metric. According to him, the market is repeating the 2021 pattern when after a prolonged rise, the cryptocurrency reached a local maximum and then corrected.
MVRV is a metric that helps determine whether an asset is overvalued compared to its “realized” value (calculated based on the purchase price of coins). Currently, the indicator is at levels typical for the final phases of a bull market, which may signal the imminent end of the current growth.
Current Market Situation
At the time of writing, Bitcoin is trading at $118,889. According to CoinGecko data, the price has decreased by 0.2% over the past week, but the asset has gained 10.6% over the past month – an impressive growth amid the summer lull.
Investor Ted Pillus noted that for Bitcoin to launch a strong new impulse, it needs to break through the $119,500 level. According to him, this threshold will open the way for further acceleration of the trend and potential new highs.
📌 Conclusion
If analysts’ forecasts come true, August could become a turning point for Bitcoin – reaching a local peak and starting a correction phase. At the same time, as always in cryptocurrencies, it is important to remember that no indicator provides a 100% guarantee, and a sound strategy combines analysis, caution, and a clear-headed view of the market.
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