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CryptoQuant Analyst Believes Bitcoin Bull Run Might Be Near an End

Author: Content Editor
According to CryptoQuant analyst Crypto Dan, the current Bitcoin bull run that began in January 2023 may be reaching its final stages. He highlighted data from Bitcoin's realized market cap UTXO Age Bands, indicating that the crypto market has entered the latter phase of its cycle. Data reveals that 36% of Bitcoin's market cap consists of coins traded within the past month, suggesting the market is nearing its peak. Crypto Dan warns investors to be cautious, as the market may experience a gradual increase in this metric, potentially leading to overheating and a subsequent bear market. Other analysts also suggest that the Federal Reserve's upcoming decisions and a potential short-term correction could influence Bitcoin's trajectory. Notably, the market needs increased trading volume to sustain its upward momentum and surpass the $105,000 resistance level. Currently, Bitcoin trades at $99,234, with short-term support at $97,026 and resistance at $103,096. The bullish trend is indicated by the +DI rising and the -DI decreasing, but the weak trend is shown by the Average Directional Index (ADX).

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