Bitcoin jumped three thousand dollars in an hour on Wednesday after the US Federal Reserve announced that there are no plans to raise rates until the end of 2023.
Meanwhile, experts at the analytical company Glassnode believe that the first cryptocurrency may have already reached its all-time highs.
Bitcoin is likely to have formed a top by now, analysts at Glassnode said in their weekly digest. They made such conclusions based on a study of the activity of long-term Bitcoin investors.
Bitcoin sales figures by long-term hodlers reminded experts of the picture of the end of 2017.
Investors are reducing sales, anticipating a continuation of the rally, which, however, does not come.
As a rule, it is this phase that means a historical maximum, after which bitcoin begins to fall.
After that, the hodlers realize that they have misunderstood the trend and begin to get rid of the coins en masse.
However, despite the similarity of the picture, there are fundamental differences from the previous rally, warn in Glassnode.
The cryptocurrency market has changed significantly since 2017. Users now have much more liquidity and risk management tools.
In addition, institutional investors entered the market, which were practically absent during the 2017 rally.
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