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Bitcoin has risen more than 160% since the start of 2023, twice the rate of gold over the same time period, but remains in the early rather than late stages of a bull cycle, according to a new weekly report from data analytics company Glassnode. According to analysts, the price dynamics of the first cryptocurrency are similar to periods of past market cycles in 2013-2017 and 2017-2021. A distinctive feature of the current cycle is the small depth of regular price pullbacks, which, according to experts, indicates increased demand against the backdrop of a reduction in the real supply of the first cryptocurrency. Analysts also highlight that the volume of deposits on centralized trading platforms remains low even after a prolonged period of rising prices for cryptocurrency assets. The report also notes that since the beginning of the year, the share of Bitcoin whose owners are in profit has increased from 56% to 84%. Typically, such dynamics indicate a transition to the acceleration stage of the bull market. To summarize, the analysts explained that the current daily net realized profit ($324 million) is an order of magnitude lower than the values ​​observed during the later stages of the bull market in past market cycles (over $3 billion in 2021). Several large institutional players have already submitted applications for Bitcoin ETFs. The launch of these investment products is considered in the crypto community to be the catalyst for a new bull cycle in the market. Bloomberg Intelligence analysts previously estimated the likelihood that the SEC will approve the ETF in early January 2024 at 90%. Why are Glassnode reports always more accurate and based on real data and statistics? Because the company analyzes many market parameters that are inaccessible to ordinary traders. Besides, the reports do not contain emotions or personal opinions of famous economists and bloggers. #ContentStar# #HotTopicDiscussion# #Gateio# #GateLive# #Gate Post Highlights# #BTC#
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