Bitcoin Bull Market Could Have More to Offer, Glassnode Suggests
Glassnode, a leading on-chain analytics company, suggests that Bitcoin (BTC) still has potential for growth, according to its analysis of a key indicator.
The company highlights Bitcoin’s Realized Cap, which measures the price at which each coin last moved. This indicator helps determine whether holders are in profit or loss and is seen as a reflection of net capital inflows into Bitcoin.
Glassnode notes that the Realized Cap has increased by 2.1 times from its 2022 lows, but is still far from the 5.7 times peak seen in the last bull cycle. The firm suggests that Bitcoin is still in the earlier stages of growth, as the usual surge seen during a market’s euphoric phase hasn’t fully emerged.
Furthermore, Glassnode observes that the current Bitcoin cycle appears similar to the 2015-2018 bull run, which was largely driven by spot market investors.
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Binance Founder Claims Europe Needs Bitcoin in Its ReservesDespite the market’s significantly larger size now, Bitcoin has remained resilient, with price pullbacks rarely exceeding 25%. This stability is attributed to strong demand, ongoing ETF inflows, and Bitcoin’s growing role as a macro asset.
Glassnode concludes that while it may not be realistic to expect a massive 100x rally like the one seen in 2015, the potential for further expansion remains if demand continues to rise.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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