Bitcoin whales are holding onto their assets as new indicators suggest the bull market may still have momentum. A Bybit report, shared with BeInCrypto, outlines Bitcoin’s historical cycles and suggests the current cycle that began in 2022 has room for continued growth.
The current bull cycle began when Bitcoin bounced back from a post-FTX low of $15,800 in November 2022, reaching a peak of $73,000 in March 2024. Despite this impressive increase, it's modest compared to previous cycles, indicating some potential for further growth.
Historical cycles have returned decreasing gains, from 553x to 20x. This declining trend raises concerns about the future potential for exponential gains in Bitcoin’s value.
Nonetheless, Bitcoin whales are committed to holding their assets, as indicated by the Accumulation Trend Score reaching its maximum value. Long-term holders have increased their holdings significantly over the past three months.
Senior researcher Juan Pellicer notes institutional interest in Bitcoin as a hedge against inflation or part of a diversification strategy, suggesting further buying pressure could support long-term confidence and market stability.
