Bitcoin (BTC) possesses more upside potential even as it sits just below the record high reached mid this month, according to crypto analytics platform Swissblock.
The analytics platform says that while Bitcoin is hovering close to the all-time high, the risk posed to the crypto king by the broader economic trends and global financial conditions remains low.
[adinserter block="1"]Swissblock says the low macro risk is a “rare and historically bullish” signal for the flagship crypto asset.
According to Swissblock, the reason Bitcoin has enjoyed only a slight uptick over the last couple of days is due to the fact that “bulls are not bidding aggressively.”
“They’re waiting for volatility.”
Bitcoin is trading at $117,589 at time of writing.
The analytics platform says that Bitcoin could appreciate by around 17% from the current level before the short-term holders of the crypto king find themselves underwater based on the Short-Term Holder Cost Basis Model.
“Short-Term Holders are active but not overheated.
Profit-taking is present, but the Short-Term Holder risk zone (approximately $138,000) hasn’t been reached.
This suggests there’s still room for expansion before we see any panic selling or euphoria.”
According to Swissblock, the bullish cycle for Bitcoin has not ended despite altcoins outperforming over the short term.
“BTC is acting as the structural anchor, not the explosive leader.
The bid is rotating into Ethereum, Solana, and high-impulse altcoins.
BTC holds. Altcoins move.
The cycle isn’t ending. It’s evolving.”
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