• Bitcoin (BTC) is continuing a similar trend to 2019, where it progressed to highs but eventually reverted to a yearly bottom.
• There have been attempts to break the $30,000 barrier of yield to correction, but the trend has been met with instant rejection.
• Several other metrics centered around Bitcoin have been reaching All-Time Highs (ATHs), with the recent one being a hike in percentage supply of last five years to 28.486%.
Bitcoin’s Current Trend
Bitcoin’s current trend is similar to what was seen in 2019 where its price reached highs before reverting back to a yearly bottom. Despite attempts at breaking through $30,000 resistance levels, market sentiment has been met with almost instant rejection.
Old Days Echoes
On-chain analytic platform Santiment pointed out that this pattern resembles similar events from 2019, when Market Value to Realised Value (MVRV) Long/Short difference crossed 0%, indicating an end for bear cycles and growth for BTC. However, this was not always followed by highs as experienced in 2019 when BTC eventually returned back to its yearly low as MVRV L/S dropped into the negative region.
Social Metrics Soar
The search and discussion around BTC continues increase which can be seen from social metrics such as Social Dominance and Social Volume both reaching long-period highs at 32.99% and 33,600 respectively.
All Time Highs Reached
Glassnode data showed that other metrics related to Bitcoin have also been reaching ATHs such as the percentage supply of last five years consistently hitting 28.486%.
Conclusion
Overall there is growing excitement within the crypto market regarding potential gains for Bitcoin investors despite concerns about potential corrections in prices due its high volatility nature.