James Van Straten: Bitcoin bottom may not be in as key metrics signal ongoing risk

James Van Straten: Bitcoin bottom may not be in as key metrics signal ongoing risk
Bitcoin metrics point to market risk

James Van Straten examines chart patterns to assess the current Bitcoin market cycle.

He points to several indicators suggesting that the Bitcoin bottom might not yet be reached. Long-term holder (LTH) realized price is at $49,300, a level Bitcoin has dipped below in previous cycles. Additionally, both LTH and short-term holder (STH) MVRV metrics have not yet converged, historically a sign of market bottom. The realized price, representing the average cost basis, stands at $53,000. LTH SOPR data also shows that long-term holders are currently realizing losses.

Van Straten previously noted that Bitcoin declined for three consecutive quarters as gold posted its worst quarter in 13 years. He also compared recent IPO performances, stating that SpaceX may follow the early surge and subsequent decline seen with Circle and CoreWeave. These observations reflect persistent shifts across traditional and digital assets.

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