Bitcoin Manipulation is Happening, According to Altcoin Daily
In the latest video, the widely-followed crypto channel Altcoin Daily unveils the current situation in the cryptocurrency market and shares their prediction on the future.
According to the crypto channel, Bitcoin (BTC) is looking a lot like summer 2017. The channel cites a tweet saying that “Bitcoin bull markets tend to end with a bang, not a whimper”.
“Bull markets are always different but, believe it or not, a 50% correction is still a whimper when it comes to Bitcoin . And Free Float MVRV at 1.5 is looking a lot like summer 2017″.
Altcoin Daily adds that Bitcoin hodlers have been incredibly resilient through this 50% correction, more so than in 2013, or 2017. As in UTXO Value-Weighted Mean Age (Days), the trend is downwards in bull markets as newcomers store value in “younger coins” at it does not decrease like 2017.
“People start to realize that Bitcoin is not going away”.
“Look at days destroyed (orange). It spikes when long-term holders move their coins. That metric has flattened lately, which confirms long-term conviction. Previous bulls also had more days where UTXOs at loss (blue) were 0 -again making this an unusual end to 2021 bull”.
Hence, they believe that Bitcoin is not anywhere close to the end of Bitcoin bull market.
In the end, the analyst sends an important note saying that summer has always been a mixed bag for the price of bitcoin, so proceed everything with caution.