Claim $500Is the Crypto Bull Run Eternal? Key Pointers Why Now Is Not the Right Time for Profit Booking!
The crypto market has made a solid rally over the last few weeks now moving past $2.23 trillion. Altcoins have delivered equal contribution along with Bitcoin in this recent bull run.
Just as the cryptocurrency market trades at its all-time high investors are confused as to whether or not they can make fresh entries at the current stage. It’s obvious to become a bit skeptical at the current levels.
No one knows for certain as to where the market is heading from here. But historical behaviors and trends can help us in making some reasonable predictions. Crypto analyst Lark Davis points out some key indicators that suggest that we have not yet reached that peak euphoria in the market and why one must not rush into profit booking at this stage.
Key Market Indicators
Looking at the below chart and considering a 2-year moving average (MA) multiplier every bull run previously has ended crossing over the red line. Thus, selling in that zone, “particulary 3 to 4 weeks after crossing over was the best time to sell,” notes Davis.
The crypto analyst points out at another tool dubbed Puell Multiple. Looking at the below charts, all previous market tops have been marked by a spike in the red box. Profit booking in this regios has delivered maximum gains to investors. With the current bull run, we have yet to cross those levels.
Another major indicator is the Bitcoin Rainbow log chart which has still not entered the ‘maximum bubble territory’. All the previous tops did. Thus, it shows that there’s still some gas left in the market.
The net unrealized profit loss chart is another big indicator. As per the below chart, all the previous tops have been marked with a jump in the zone of Euphoria. Once we hit that zone, it will be time to get out of the market.
As of press time, Bitcoin (BTC) is currently trading at $49,474 facing a strong resistance at $50,000. Howver, many analysts expect it to touch $100,000 by the end of this year.
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