In March 2024, Bitcoin reached a new all-time high, leaving many wondering if this was the final peak of the market. However, according to on-chain analysis by CryptoQuant, March’s peak may have been merely an “initial top” rather than the ultimate one.
“Looking at Binary CDD, we can see that long-term holders did take some profits around March 2024,” a CryptoQuant analyst noted. “However, Binary CDD has not yet reached the red zone, a level it historically hits before the final market top.” This suggests that there is still room for further upside in the market.
Moreover, current data shows that long-term holder activity is not particularly strong right now, and selling pressure from this group has decreased. “The absence of large-scale selling by long-term holders indicates that the market has not fully matured,” the analyst added. “We are still far from the final peak of the bull market.”
Therefore, while March’s high may have been an “interim top” that led to a temporary period of consolidation, it’s not yet the ultimate peak of the bullish cycle.
“The market appears to be in a ‘cooling-off’ phase,” the analyst concluded. “Once this phase concludes, another upward movement could follow. Before we reach the final top, we will likely see renewed activity from long-term holders, with Binary CDD reaching the red zone, signaling the next round of price adjustments.”
