Currency strategists at Glassnode have raised doubts about the effectiveness of Bitcoin's bullish cycle. After studying the dynamics of the BTC price, experts at the blockchain analytics firm found that its growth rate has been slowing with each new bullish cycle. According to their analysis, this reflects a phenomenon known as "maturity," where increasing capital is required to drive the asset's value higher. They believe that the market has yet to enter the phase of exponential growth, which leaves room for further upside for the leading cryptocurrency.
Currently, demand for the leading digital asset is strong, driven by its recognition as a macroeconomic instrument. The growing popularity of spot Bitcoin ETFs has also contributed to this bullish trend.
Earlier, Glassnode noted that long-term holders of Bitcoin have been selling their holdings, but at a slower pace than a few months ago.
