RATE Group | Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway
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Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway

15 Nov Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway

Posted at 18:15h in Bitcoin News by

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At the start of the year, it was clear that Bitcoin was in an accumulation phase, where “smart money” buys up an asset in anticipation of a sizable increase in value during the following markup phase. According to the Wyckoff method, after the price of an asset is sufficiently marked up, comes the distribution phase when investors begin dumping the asset at a substantial profit.

An uncommon Bitcoin metric that looks at BTC held for a certain amount of time has suddenly spiked, suggesting that distribution is peaking, and massive profit-taking is underway.

Average Spent Output Lifespan of Bitcoin Reaches Highest This Year

Markets are cyclical and go through certain phases again and again. After Bitcoin was accumulated below $4,000, the crypto asset rocketed in price, causing it to rise as much as 350% from trough to peak before the first-ever cryptocurrency began to consolidate above $10,000.

Related Reading | Bitcoin Price Breaks Below $8,500, Are Bears In Complete Control? 

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