Wedson emphasized that, regardless of the ongoing excitement around ETFs, on-chain data shows a clear market shift. This shift signals that the cryptocurrency’s long-term holders are beginning to sell their coins, and, in large volumes, too.
Wedson backed his claim with four on-chain indicators, starting with the Coin Days Destroyed Terminal Adjusted Metric, which shows aged coins moving after being dormant for a long period of time.
Wedson also referenced the Reserve Risk Indicators to gauge current LTH conviction. This metric, from analysis, has entered a warning zone, as there is increased selling activity and hand exchanges.
Referring to it as ‘the most accurate metric in the world’ used to identify Bitcoin’s macro tops, the Bitcoin Cycle Market Top Prediction: Max Intersect SMA Model was put out last. Wedson highlighted that this metric is yet to flash any bearish signal. Using the chart below, the analyst explained that until the blue line reaches the $69,000 level, the final top is yet to arrive.
Ultimately, the analyst preached caution against panicking, as historical cycle patterns suggest that the final market top has yet to arrive. As of this writing, Bitcoin is valued at about $113,052, reflecting a 1.2% price decline in the past 24 hours.
