Bitcoin Enters Bullish Phase, Tests Price Discovery Levels

Bitcoin has smashed through its all-time highs for the second day in a row, fueled by the recent US election results and a Federal Reserve interest rate cut of 25 basis points.

Bitcoin price analysis: BTC grinds higher, next key level in sight

Bitcoin price is continuing to push up, having smashed through its all-time highs for the second day in a row.

Fresh optimism among investors, following the recent US election results and a Federal Reserve interest rate cut of 25 basis points, has seen more capital flow into risk assets like BTC, and less into bonds.

Investors are now watching closely as Bitcoin enters a new bullish phase, with many speculating that the next phase will be critical as BTC approaches uncharted territory.

Bitcoin Hitting New Highs, Investors Anticipate Next Move

Bitcoin has entered a new bullish phase following a prolonged 7-month accumulation period, which saw the coin quietly range within a tight band of support and resistance.

This phase is now being realized with the breakout to new all-time highs. This phase is highlighted by some interesting data from CryptoQuant analyst Axel Adler.

According to Adler, Bitcoin profitability is now at 221%, which is still notably lower than previous cycle peaks, where the index reached highs of 460% and 395%, and the most recent peak of 272%. This suggests that, despite Bitcoin’s profitability, there remains significant potential for further gains before hitting a cycle top.

On average, BTC holders are seeing profitability at 121% above their initial investments, a promising sign for those expecting sustained growth. Historically, phases like this in Bitcoin’s market cycle tend to be aggressive but relatively short-lived, often lasting just a few months before reaching exhaustion.

Given this historical pattern, Adler believes that we may only be entering the initial stages of this bullish run, with considerable room left for price appreciation.

This current environment, supported by fundamental and on-chain metrics, paints an optimistic picture of Bitcoin’s potential. As BTC continues to attract investor interest, many will be watching closely to see if it can repeat the momentum of past cycles and drive toward new highs before this bullish phase peaks.

Bitcoin price is now close to hitting the next key level, after smashing through its all-time highs.

Bitcoin price is continuing to push up, having smashed through its all-time highs for the second day in a row.

Fresh optimism among investors, following the recent US election results and a Federal Reserve interest rate cut of 25 basis points, has seen more capital flow into risk assets like BTC, and less into bonds.

Bitcoin Hitting New Highs, Investors Anticipate Next Move

Bitcoin has entered a new bullish phase following a prolonged 7-month accumulation period, which saw the coin quietly range within a tight band of support and resistance.

This phase is now being realized with the breakout to new all-time highs. This phase is highlighted by some interesting data from CryptoQuant analyst Axel Adler.

According to Adler, Bitcoin profitability is now at 221%, which is still notably lower than previous cycle peaks, where the index reached highs of 460% and 395%, and the most recent peak of 272%. This suggests that, despite Bitcoin’s profitability, there remains significant potential for further gains before hitting a cycle top.

On average, BTC holders are seeing profitability at 121% above their initial investments, a promising sign for those expecting sustained growth. Historically, phases like this in Bitcoin’s market cycle tend to be aggressive but relatively short-lived, often lasting just a few months before reaching exhaustion.

Given this historical pattern, Adler believes that we may only be entering the initial stages of this bullish run, with considerable room left for price appreciation.

This current environment, supported by fundamental and on-chain metrics, paints an optimistic picture of Bitcoin’s potential. As BTC continues to attract investor interest, many will be watching closely to see if it can repeat the momentum of past cycles and drive toward new highs before this bullish phase peaks.

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