- Bitcoin holders have to be wary in the short term due to increased selling pressure surrounding the halving.
- The halving event was probably not priced in, but that does not guarantee the same returns from this BTC cycle as earlier ones.
Bitcoin’s [BTC] halving did not immediately lead to a massive sell-off, as some market participants feared. While things might change later this week, the $60k support zone was defended on the 19th of April.
Since the dip to $59.6k, prices have climbed by 9% at press time.
In a post on X (formerly Twitter), CryptoQuant CEO Ki Young Ju pointed out that we are not close to this cycle’s top. The Unrealized Profit Ratio metric showed that long-term whales were only at a 234% profit.
The 2021 run had long-term whales at 599% profit at the metric’s peak in February 2021. Although BTC made a new high later that year, the Unrealized Profit metric could not match it.
Playing the long game
Source: CryptoQuant
Comparing the 2020-21 cycle to the 2017-18 rally, we find that the long-term whales’ profit was more than 1700% in 2017. The respectable 599% figure somewhat pales in comparison.
This raises the question of a further drop in whale profits during this cycle’s top. Therefore, expectations of Bitcoin to $200k might be ambitious- but only time will tell.
With a reading of 286% in mid-March, bulls woul
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Author: Akashnath S
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