{"id":404494,"date":"2019-11-15T18:00:28","date_gmt":"2019-11-15T18:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=404494"},"modified":"2019-11-15T16:03:11","modified_gmt":"2019-11-15T16:03:11","slug":"uncommon-bitcoin-metric-suggests-massive-profit-taking-is-underway","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/uncommon-bitcoin-metric-suggests-massive-profit-taking-is-underway\/","title":{"rendered":"Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway"},"content":{"rendered":"

At the start of the year, it was clear that Bitcoin<\/a> was in an accumulation phase, where “smart money” buys up an asset in anticipation of a sizable increase in value during the following markup phase. According to the Wyckoff method, after the price of an asset is sufficiently marked up, comes the distribution phase when investors begin dumping the asset at a substantial profit.<\/p>\n

An uncommon Bitcoin metric that looks at BTC held for a certain amount of time has suddenly spiked, suggesting that distribution is peaking, and massive profit-taking is underway.<\/p>\n

Average Spent Output Lifespan of Bitcoin Reaches Highest This Year<\/h2>\n
Markets are cyclical and go through certain phases again and again. After Bitcoin<\/a> was accumulated below $4,000, the crypto asset rocketed in price, causing it to rise as much as 350% from trough to peak before the first-ever cryptocurrency began to consolidate above $10,000.<\/p>\n
Related Reading | Bitcoin Price Breaks Below $8,500, Are Bears In Complete Control?\u00a0<\/a><\/strong><\/em><\/p>\n
The resulting consolidation was either reaccumulation or distribution, according to Wyckoff theory<\/a>, however, the fact that Bitcoin broke down from support and has repeatedly made attempts to push lower suggests that the consolidation was in fact distribution \u2013 a phase where investors who accumulated an asset at the lowest prices begin to take profit.<\/p>\n
While according to Wyckoff schematics depicting distribution<\/a>, the distro phase has been taking place since June but is still ongoing even today, another key metrics suggests. In fact, this metric suggests that profit-taking is actually peaking now, and the wave of selling could be responsible for Bitcoin’s recent break below $8,500<\/a>.<\/p>\n
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There is a huge spike in the Average Spent Output Lifespan (ASOL) for #Bitcoin<\/a> today.<\/p>\n
It's the highest we've seen this year. On the hourly chart, bitcoins as old as 250 days are being moved. This corresponds to mid March when the price was at ~$4,000. Profit taking here? pic.twitter.com\/PYU4ToNUzV<\/a><\/p>\n
— Rafael Schultze-Kraft (@n3ocortex) November 15, 2019<\/a><\/p><\/blockquote>\n