2024-11-20 07:54 |
Bitcoin ($BTC) is officially in its euphoric phase, with 99.3% of UTXOs currently in profit.
This optimism has sparked widespread happiness among holders, as such phases historically last 3–12 months—though exceptions like the bull trap of November 2021 serve as cautionary tales.
#Bitcoin euphoria is here.
99.3% of UTXOs are in profit now. Everyone's happy. This euphoric phase typically lasts 3–12 months (except Nov '21 bull trap).
This started 2 weeks ago. Shorting now could be either catching the top—or shorting at the bottom of a parabolic bull run. pic.twitter.com/bjHKTuNKGf
— Ki Young Ju (@ki_young_ju) November 19, 2024
This phase began just two weeks ago, and the market now faces a critical juncture. Shorting at this stage could either mark a smart call at the top or a costly move during the peak of a parabolic bull run.
Large Bitcoin wallets have seen minimal net outflows throughout the year, with significant holders continuing to accumulate, even at current price levels. This behavior signals robust confidence in Bitcoin’s long-term potential, reinforcing the view that institutional and whale investors remain bullish.
This chart highlights the flow of funds to the largest Bitcoin wallets.
Interestingly, net outflows have remained exceptionally low throughout the year & large holders continue to accumulate even at the current price levels.
This reflects a strong level of confidence in… pic.twitter.com/Rb1i1ejPts
— IntoTheBlock (@intotheblock) November 19, 2024
Bitcoin Price Mirrors Patterns From Previous Bull RunBitcoin’s price action is currently mirroring the patterns observed in its last two bull cycles. After surpassing its previous all-time high, $BTC has spent the past week consolidating. Historical data suggests that another breakout could be imminent, potentially targeting the $150,000 mark. However, if history repeats, this rally may be followed by a sharp correction of around 30%.
#Bitcoin is mirroring the behavior of the last two bull cycles!
After surpassing its previous all-time high, $BTC has been consolidating for a week. If history repeats, we could see another breakout in the next day or two, targeting ~$150,000, followed by a ~30% correction. pic.twitter.com/EQlX62BSdE
— Ali (@ali_charts) November 19, 2024
Adding to the bullish narrative, Bitcoin spot ETFs have seen significant inflows. On November 18, total net inflows reached $255 million, with BlackRock’s IBIT ETF leading at $89.325 million and Fidelity’s FBTC ETF close behind at $59.954 million.
Bitcoin spot ETF had a total net inflow of $255 million on November 18, BlackRock ETF IBIT had net inflow of $89.325 million, and Fidelity ETF FBTC had net inflow of $59.9544 million. Ethereum spot ETF had a total net outflow of $39.0806 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) November 19, 2024
With strong institutional interest, sustained whale accumulation, and a euphoric market atmosphere, Bitcoin seems poised for continued upward momentum. However, caution is warranted, as rapid gains often precede sharp corrections. Whether $BTC reaches new heights or faces a temporary setback, the next few days will be pivotal for the king of cryptocurrencies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: sinenkiy/123RF // Image Effects by Colorcinch
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