- Profit-taking remains at relatively low levels after new BTC ATH.
- This suggests a much greater BTC price rally ahead.
- Analyst says the industry will grow louder when altseason begins.
The crypto market is expected to remain in a bullish state for Q4 and perhaps even longer this bull cycle. Presently, talks of the 4-year cycle dissolving to allow for a new bullish market structure have taken the lead. As profit-taking remains at relatively low levels despite BTC hitting a new ATH, analysts believe that a much greater bullish rally lies ahead for Bitcoin and the entire crypto market.
Profit-Taking Remains at Relative Low Levels
The price of the pioneer crypto asset, Bitcoin (BTC) , went on to set a new ATH in the $126,000 price range two days ago, beating the two new ATH prices it set in the $125,000 price range in the days before it. Often, when BTC hits its cycle top price, the crypto market experiences a heavy sell-off to follow immediately, marking profit-taking and the end of the BTC bull cycle pump.
This is then followed by capital flowing into altcoins and the start of altseason, leading promising altcoins to set new ATH prices of their own. Most analysts expected BTC to pull one final run before relinquishing dominance to altcoins. However, with having set three new ATH records in under a week and seeing no profit-taking action, analysts conclude that a much greater surge lies ahead.
As we can see from the post above, CryptoQuant analytics reveals that profit-taking remains at relatively low levels after Bitcoin reached new ATHs, suggesting the rally may continue with no top in sight. One response to the post highlights how low profit-taking at ATHs often reflects strong market conviction and confirms that traders are holding through strength instead of selling into it.
Greater Price Rally Lies Ahead
Meanwhile, another popular crypto enthusiast explains why profit-taking hasn’t ensued by drawing attention to why the crypto market feels so dead, even with Bitcoin hitting new ATH targets and has continued trading above the $120,000 price range. According to this analysts, the quiet calm is because no retail holders are holding BTC, and because institutions are holding BTC, they will not sell even with new ATHs.
As the analyst explains in the post above, he believes memecoin buyers got rug-pulled and futures traders got liquidated by MMs, while utility tokens are making new lows, and Big projects are in extraction mode. He also reminds the crypto community that ETH is still below 2021. Thus, anything other than Bitcoin has yet to run, and 99% of retail only hold altcoins, which are making new bottoms every week. He concludes by stating that until ETH breaks $5,000 and liquidity flows into mid-low caps, the space will remain quiet.
