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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Tracking Bitcoin’s Profit Cycles: Could A New Market High Be Near?

Samuel Edyme
Samuel Edyme
8 months ago
2 mins read
Tracking Bitcoin Profit Cycles: Could a New Market High Be Near?

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Bitcoin price has seen many cycles over the years, marked by distinct growth phases, peaks, and corrections. To better understand these cycles, a CryptoQuant analyst, using the pseudonym ‘datascope,’ has highlighted the relevance of the UTXO Block Profit/Loss (P/L) Count Ratio Model.

This tool offers unique insights into the balance of profitability and losses among Bitcoin market participants, serving as a lens to examine potential price reversals.

By focusing on various moving averages, this model tracks price fluctuations and shows how profitability shifts within the market over time, offering clues about when new market peaks might form.

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8 months ago

Predicting Market Peaks Through Profit And Loss Ratios

Datascope’s analysis highlights the significance of short, medium, and long-term trends captured by 7-day, 30-day, and 365-day moving averages.

This multi-perspective approach is valuable for long-term investors and short-term traders, as it distinguishes between shifts impacting immediate market movements and those affecting longer-term cycles.

The model demonstrates that changes in the profitability ratio are critical for gauging market sentiment and potential price movements.

As Datascope explains, a decrease in overall profitability ratios suggests that short- and medium-term trading strategies may now be more practical, responding to a market less defined by extreme long-term price swings.

One of the key findings from the UTXO P/L model is the behavior of the 30-day profit and loss ratio relative to the 365-day moving average. Datascope noted that when the 30-day ratio rises above the 365-day average, it could signal a new price peak.

Bitcoin UTXO Block P/L Count Ratio. |
Bitcoin UTXO Block P/L Count Ratio. | Source: CryptoQuant

In simple terms, crossing short- and long-term profitability lines indicates that investor sentiment is shifting towards more profitable conditions. Price increases have historically followed this occurrence as optimism fuels further buying pressure.

For instance, the analyst pointed out that while economic conditions varied between 2021 and 2022, similar trends were observed in the model during both years, particularly in how the profit and loss ratio used the annual moving average as a resistance line.

Datascope suggests that if the profit and loss metrics consistently stay above the annual average, Bitcoin may be on track to establish new highs.

Bitcoin Market Performance

Meanwhile, Bitcoin is seeing an increase in price following a recent correction that led to the asset’s price falling below $70,000 yesterday.

Related Reading

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Bitcoin Price To New ATH Soon? Analyst Who Called $72,000 Surge Reveals What Needs To Happen

8 months ago

Bitcoin currently trades for $70,379, down by 0.9% in the past day. Before this decrease, the asset experienced a surge, recording a 24-hour of $71,500.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

 

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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