The post ‘Bitcoin’s cycle top isn’t in, just mid-bull pullback’ – Analyst appeared on BitcoinEthereumNews.com.

Chris Burniske believes that BTC’s cycle has not peaked yet STH MVRV revealed that Bitcoin’s recent local overheated market has cooled to neutral levels Bitcoin’s boring price performance after President Donald Trump’s inauguration has fueled more and more BTC cycle top calls from some market commentators.  However, Chris Burniske, ex-Ark Invest crypto executive and current VC partner at Placeholder, believes that while the market is in a “mid-bull pullback,” it hasn’t peaked yet. He stated,  “I don’t think this is a sign of cycle top, rather a mid-bull pullback that makes everyone question god. Feels a lot more like April, May, June of 2021 to me, where things fell 50-80% depending on the coin, many said it was over, top-callers gloated, and then we ripped in 2H ’21.” Source: X According to the attached chart, BTC dropped from $64k to $30k in the first half of 2021. However, the king coin rallied later in the second half of 2021 and topped out at $69k. Whether history will repeat itself or not, remains to be seen.  Bitcoin – Why $96k is a key level That being said, a key valuation indicator, Short-Term Holder (STH) MVRV, supported Burniske’s projections. In fact, CryptoQuant’s Axel Adler also highlighted that the market may be exiting a local overheated market. Especially as the STH MVRV dropped from 1.35 to neutral levels.  Adler stated, “An STH MVRV above 1.30–1.35 typically signals an overheated market, often leading to sell-offs. The decline in the indicator suggests that a portion of STHs have exited their positions. A return to average levels points to the end of a local overheated phase.” Source: CryptoQuant Alder added that a drop below the STH MVRV average could signal a local bottom, as seen last September. Whether the indicator will retreat below the average depends…

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Filed under: News - @ February 9, 2025 6:06 am