Despite a promising start in 2024, Bitcoin's price has been consolidating within the $50,000 to $70,000 range. Analysts, like CryptoQuant CEO Ki Young Ju, are examining the current cycle's dynamics.
Notably, Bitcoin whales have set a record for low profit-taking, indicating confidence in Bitcoin's long-term potential. The low Realized Profit Ratio suggests a belief in further price gains, hinting that the current bull run may continue.
Moreover, Santiment reports that "Dolphin" addresses, holding 0.1 to 10 BTC, are steadily increasing since July. This resurgence of small-scale investors could positively affect Bitcoin's price in the coming months, as BTC is now valued at $61,940.
