Bitcoin (BTC) bears thinking that $58,000 was this cycle’s top will be sorely disappointed, fresh investment data from past bull markets shows.
Compiled by on-chain analytics resource Whalemap, statistics covering BTC buys of between $5 million and $7 million conclude that even at recent all-time highs, Bitcoin was far from a “macro top.”
“No FOMO in sight” for BTC
During the 2017 and shorter 2019 bull market, Bitcoin saw mass buy-ins of a similar size — $5-7 million.
When investments of that amount hit a peak, price action began to reverse, signalling the start of consolidation or a heavier retracement.
According to Whalemap, cash injections in that area have been far from their previous peaks this year, indicating that the current correction will likely be temporary and on par with BTC’s typical corrections during a bull run.
“Previous macro tops have occurred when thousands of transactions worth 5 to 7 million dollars each were flooding the blockchain. True FOMO,” researchers tweeted on Feb. 25.
“Currently, no such FOMO in sight for BTC.”