The Bitcoin (BTC) price will climb much higher during its current market cycle as the mood of the crowd wins, according to a Bitcoin Days Destroyed (BDD) analysis.
In posts on the social networks on August 22, Hans Hauge, head of quality research at crypto-investment fund Ikigai, said the sentiment at Bitcoin is similar to the beginning of 2017. Only a few months later, the cryptocurrency reached its all-time high of $ 20,000.
In a tweet attached to a diagram, Hauge wrote: "The tips of the Bitcoin bubble are clearly identified with a dark red cluster of Adjusted Binary BDD." He added:
"Until that happens, we have not reached the top yet, public opinion is crucial here, because this red cluster is caused by the mood of the crowd and is self-actualizing (reflexivity)."
What is BDD?
BDD refers to the time between the movements of a Bitcoin quantity. Higher prices tend to correlate with more frequent coin moves - and, according to Hauge, the opposite trend is currently being seen.
In connection with this, as Cointelegraph recently reported, the Bitcoin Fear & Greed Index, which also measures market sentiment, is near the bottom of its possible range.
"That's exactly what you should look for if you want to buy the decline in the long run," advised Hauge.
Time out for Bitcoin accumulation phase due
The BTC / USD pair was largely flat this month. This led to warnings that it could come to a downturn.
Next, there could be a case of about $ 7,000, as another trader explained. He said that such a retreat would be plausible in view of past history and would signal no bear market.
In turn, other market analysts claim the opposite: new growth is expected in May due to halving the block reward next year.
PlanB, a Twitter user who likes to use the stick-to-flow method to predict the Bitcoin course, also said the current behavior is similar to early 2017 behavior.
"Bitcoin has struggled for 3 months to break the magic $ 10,000 mark, reminiscent of the beginning of 2017, when it wrestled with $ 1,000 ... we all know what's coming next," she tweeted him from last week.
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