TechFlow news, October 24 — According to The Block, multiple institutional analysts say Bitcoin may have reached a short-term price peak. Research from digital asset custodian Copper shows on-chain indicators suggesting signs of market overheating.
Copper analysts pointed out that currently 98% of wallet addresses are in profit, a significant rise from the previous 75%. Historical data indicates that when this ratio increases sharply, selling pressure often follows as investors tend to lock in profits.
Analysts from ETC Group noted that Bitcoin demand has seen its largest increase since April 2024. They believe this trend is driven by factors including the U.S. presidential election, rising market risk appetite, and increasing U.S. budget deficits. The growing likelihood of former President Trump winning the election has historically been favorable for the crypto market.
"We believe Bitcoin’s limited supply, global monetary policy shifts, and seasonal factors in the fourth quarter will provide strong support for crypto assets in the coming months," said ETC Group analysts.
