The attractive profits from Bitcoin have investors concerned about the possibility of forming a local peak near current levels.
BTC increased by 2.47%, reaching a two-month high as momentum continues to be strong.
Bitcoin [BTC] continues its uptrend, from last month's low of $76,159 to a two-month high of $99,412.
Currently, BTC is hovering around $99,287, up 2.47% in 24 hours. This puts most investors in a profit state.
However, the continuous profit-taking has raised concerns among analysts about the possibility of forming a local peak.
Is Bitcoin approaching a local peak?
According to CryptoQuant analyst Mevsimi, the average 7-day realized profit of Bitcoin has maintained a strong positive level since the beginning of 2024, reaching +1 billion USD/day.
Although prices fell in March-April, profit-taking behavior remains high.
This aligns with the late stages of a bull market, where profit-taking dominates, even though prices continue to rise.
Source: CryptoQuant
This behavior has occurred in previous market rallies like in 2021, when profit-taking led to significant corrections.
However, ETF cash flow has caused a structural change—the investor sentiment remains unchanged, only on a larger scale.
Thus, the profit-taking pattern still aligns with historical cycles, but the speed and volume have been amplified. According to the analysis, this is not a signal of a major market peak but a local warning.
What does the BTC chart indicate?
According to TinTucBitcoin's analysis, although investors are actively taking profits, a local peak has not yet formed. Therefore, there is still significant potential for further increases.
For instance, when looking at the SOPR index of long-term holders, it has decreased from 2.5 to 1.7. This indicates that profit-taking primarily occurs from short-term holders (STH), not long-term holders (LTH).
With long-term holders still holding strong, the likelihood of forming a peak is very low. Typically, peaks occur when long-term holders take extreme profits. LTH has been under pressure from STH.
Source: CryptoQuant
Furthermore, the increase in inactive coins further affirms bullish sentiment. The non-spent supply of Bitcoin has risen to 19.53 million, while the unspent balance on Coinbase reached 1.77 million.
With the increase in inactive coins, this indicates that long-term holders (LTH) remain confident in their positions.
Source: Bitbo
Finally, Bitcoin's MVRV index, a good indicator of market peaks, remains in the normal range of around 2.1. History shows that market peaks typically occur when its MVRV exceeds 2.5.
In 2021, MVRV reached 2.7 before a significant correction. Currently, there is still room for further increase.
Source: Bitbo
Simply put, Bitcoin still has significant growth potential and is not near a market peak. With the recent price surge, BTC continues its strong upward movement.
After surpassing the resistance level of $97K, the next target is $100K. However, if this is price momentum before a correction signaling a peak, a pullback could bring BTC down to $94K.
Source: https://tintucbitcoin.com/bitcoin-gan-cham-100k-usd-loi-nhuan-co-gay-lo-ngai/
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