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Bitcoin, Did It Reach the Peak Price in the Current Cycle or Are We Still on the Way? Analysis Company Announced
The cryptocurrency analysis company Alphractal evaluated Bitcoin's (BTC) current market cycle. According to the company's analysis, the Repeating Fractal Cycle metric has accurately predicted BTC's peak and dip levels since 2015 to date.
According to the analysis, the current cycle peak has not yet occurred when looking at this metric.
Alphractal argues that this fractal has historically worked with astonishing accuracy and states, "Will it repeat this time as well? No one can say for sure, but there is a strong possibility." Analysts claim that the accuracy of the fractal will be re-tested in the coming months.
Alphractal also drew attention to the activity in the crypto mining sector. The company stated that the correlation between mining stocks and Bitcoin market capitalization is a highly leading signal that is overlooked in the market.
Currently, the shares of mining companies are rising faster than BTC. One of the companies that stands out, in particular, is Iris Energy (IREN). The company's market value quickly rose from 1.2 billion dollars to over 4 billion dollars.
However, the decline in the correlation between BTC and mining shares is a strong indicator that significant fluctuations may occur in the upcoming period, according to Alphractal. This is because large miners hold significant BTC reserves both on-chain and in traditional financial markets, and the movements of these companies can directly affect the price of Bitcoin.