• The increase in institutional demand may have been one of the main reasons why Bitcoin fluctuated around the ATHs of the previous cycle.
• Investors do not have to fear lower volatility over time as the metrics support a buy-and-hold strategy.

Bitcoin (BTC) has been in a downtrend on the weekly chart but in an uptrend on the monthly chart. It has been consolidating in the $50,000-$70,000 range since March.

While traders and investors may be frustrated with the lack of movement, BTC remained extremely bullish on the higher time frames.

As a well-known crypto analyst pointed out, Bitcoin closed six monthly trading sessions above the closing price of the March 2021 monthly session.

Even the halving event and numerous FUD events across the market were not enough to dethrone the king of cryptocurrencies.

Unprecedented Bitcoin price development

Source: BTC/USDT on TradingView

In terms of pure percentage gains, previous Bitcoin cycles have been stronger. However, this run has something that has never been seen before. During the 2024 BTC halving event in April, the price was above the $61,000 mark.

During and after the halving event, it traded at or very close to the ATH of the previous cycle. During the 2020 halving cycle, BTC prices were almost 60% below the ATH, compared to about 10% in this cycle.

Therefore, aside from the lower volatility on the time frame, Bitcoin remained extremely bullish for long-term investors.

NVT values ​​encouraged buyers

Source: CryptoQuant

The 30-day average of the NVT Golden Cross was -0.14. Generally, readings above 2.2 indicate a cycle peak and below -1 indicate a possible bottom, so the Bitcoin bull run still has a long way to go.

Source: Santiment

The average dollar age invested began to decline in November 2023 as prices rose rapidly. It has been relatively stable over the past few months.

A falling MDIA is a sign that investments are flowing back into circulation and that these are newer investments.

The MDIA could fall significantly further, from 269 to the previous cycle low of 51, before its continued uptrend would indicate network stagnation.

Read Bitcoin (BTC) price prediction 2024-25

The average coin age began to slowly increase after the sharp decline in February and March as rapid price increases led to profit-taking and selling pressure.

A continuation of this uptrend would mean network-wide accumulation.