Crypto Cycle Peak Still Far Away...March's All-Time High Was Just the Beginning

“BTC's all-time high in March does not appear to be the final peak of this cycle based on on-chain indicators,” said on-chain analyst sachi. Rather, the price is closer to the initial top of the cycle,” analyzed sachi. “Looking at binary CDD (Coin Days Destroyed), a metric that reflects the behavior of long-term holders, long-term holders started taking profits in March. It's important to note that the binary CDD has not yet entered the red zone (the final peak assessment zone). This suggests that there is still plenty of upside left in the market.

Notably, on-chain data shows minimal activity from long-term holders and diminishing selling pressure. The lack of large-scale selling by long-term holders indicates that the market is not yet ripe and is far from the final peak of the cycle. Therefore, the all-time high in March may have been a “temporary peak” with a temporary correction. What is clear is that we are not yet at the final peak of the bull market, and the market appears to be in a cooling-off phase. Once we get past this area, we could see another upward move. Before that happens, long-term holders will move in first and binary CDDs will head towards the red zone.”