Bitcoin (BTC) sure did make a grand comeback after re-entering the $50,000 price mark. It’s not just BTC that’s performing well as of late as other cryptocurrencies in the market are said to be doing pretty well as of late. With that in mind, many crypto folks are musing if the top dog token can hit $60,000 once again?
Bitcoin record highs
As of writing, bitcoin’s price may have slipped a bit (around $48,000) and it’s still early to tell if cryptocurrency’s recent price rally was just a fluke. Now that BTC’s on the move, analysts have noticed that one of its metrics showed a significant uptick.
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Its Average Spent Output Lifespan (ASOL) showed a high of 111 on Sunday as this was the first sign the older coins have moved to sell since January 2019. Additionally, the market saw what is described as a major HODL selling because of ASOL’s three-year high.
For the uninitiated, high values in ASOL usually take place whenever a huge portion of old coins are on the move. This may be triggered either through taking advantage of the market strength or potentially realizing profits.
Bitcoin hovering over the $60k price mark may not be that far-fetched since it was also observed that the king token’s percent supply in profit witnessed a three-month all-time high of 85.17 percent over the weekend as well.
In line with this, the median spent output lifespan (MSOL) also hit a one-month all-time high. This is suggestive that a huge part of network traffic is old coins that are being spent. It has to be noted, nonetheless, that it’s quite obvious that the old coins have commanded the traffic. That said, it is believed that the impressive performance in the market right now may be more to it if bitcoin’s case is anything to go by.
Cryptocurrency analyst Paul Barron also mentioned this bitcoin mega-pump in his recent upload o his YouTube channel. He stated that a strong break well above the $53,000 mark can give rise to a mega-pump which according to him has never seen before. Barron believes that BTC is on the right track for such adding that this could be a very close cycle to watch. Further, he said that this is one of those situations where people hit back around bitcoin’s $60,000 mark and nobody was sleeping since the market was in full flux with so much movement.
However, with this new high of bitcoin, Barron warned of a swift fall off adding that it’s what worries him with the fall off on where to get to this very recent all-time high because it’s bound to happen according to him. With that in mind, he advised the crypto community to be vigilant on where the market is heading because it would help them a lot to not suffer huge losses in the future.