Altcoins surge even as Bitcoin and Ethereum price fall toward key support levels

Altcoins like XYO, CRO and WNXM are capitalizing on BTC and ETH’s consolidation by moving higher.

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Altcoins surge even as Bitcoin and Ethereum price fall toward key support levels

Price action in the crypto market has not been for the faint of heart over the past 48 hours and it's clear that volatility following Bitcoin (BTC) and Ether’s (ETH) breakouts brought new all-time highs.

While the top two cryptocurrencies fight to hold key support levels, the altcoin market has seen a handful of tokens post double-digit gains on Nov. 5 and Cointelegraph Markets Pro’s altseason indicator suggests the current market conditions line up with previous altseason price moves.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were XYO Network (XYO), Crypto.com Coin (CRO) and Wrapped NXM (WNXM).

XYO lists on Crypto.com

The XYO Network is a blockchain-based geospatial oracle network that taps into decentralized devices that anonymously collect, validate and record data on the XYO blockchain.

According to data from Cointelegraph Markets Pro, market conditions for XYO have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. XYO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for XYO began to pick up on Nov. 2 and reached a high of 77 around four hours before the price surged 103% over the next two days.

The spike in price of XYO comes as the token was listed on the Crypto.com app and a liquidity mining pool was launced on Gate where depositors can earn a 543.22% return on their investment.

CRO benefits from the Coinbase bump

CRO is the native token of the Crypto.com ecosystem and users can stake CRO alongside other cryptocurrencies on its app to earn rewards, as well and utilize their holdings to make everyday purchases via the Crypto.com Pay mobile payments app.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRO on Nov. 3, prior to the recent price rise.

VORTECS™ Score (green) vs. CRO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CRO began to pick up on Nov. 3 and reached a high of 76 around two hours before the price increased 64% over the next two days.

The strengthening momentum for CRO comes following the token's Nov. 3 listing on Coinbase and the signing of a multi-year contract with esports tournament host Twitch Rivals.

Related: Cryptocurrency trading platform Crypto.com to debut UFC NFTs

Nexus Mutual launches a new Shield campaign

WNXM is the wrapped version of the NXM governance token for the Nexus Mutual protocol. Nexus Mutual is a decentralized insurance protocol on the Ethereum network that offers users the ability to take out cover on smart contracts through the use of its native NXM token.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRO on Nov. 4, prior to the recent price rise.

VORTECS™ Score (green) vs. WNXM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CRO began to pick up on Nov. 3 and reached a high of 74 on Nov. 4, around one hour before the price spiked 47% over the next day.

The jump in the price of WNXM comes following the launch of a new shield mining campaign for the Premia Finance (PREMIA) project and the platform’s progress toward launching Nexus V2, which will enable the fund to pay out on partial claims.

The overall cryptocurrency market cap now stands at $2.702 trillion and Bitcoin’s dominance rate is 42.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) bulls are still hoping for a major breakout but at the moment, bears are applying pressure and keeping the digital asset pinned below $61,000.

Data from Cointelegraph Markets Pro and TradingView shows that an early morning breakout by bulls to make a run above $62,000 was met with a strong defensive line from the bears who handily rejected the attempt.

BTC/USDT 4-hour chart. Source: TradingView

Here’s a look at what traders and analysts are saying about Bitcoin's current price action and what they expect in the short term.

“Bitcoin is still on the path to $90,000”

While some traders may have found themselves bored with Bitcoin's sideways price action, independent market analyst ‘Rekt Capital’ recently posted the following chart highlighting the fact that BTC has flipped a major resistance level into support.

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said,

“Though BTC has been moving sideways for weeks now… It has continued to successfully retest a major area of previous resistance (red) as new support (green)”

As for what comes next for the BTC should it manage to hold support here and head higher, analyst and Cointelegraph contributor Michaël Van De Poppe posted the following chart outlining one potential path the price could follow as it closes out 2021.

BTC/USDT 1-day chart. Source: Twitter

van de Poppe said,

“Bitcoin is still on the path to $90K.”

A simple target at $80,000

A more simple and straightforward price projection was provided by Twitter user ‘GalaxyBTC,’ who expects a breakout target of $80,000.

BTC/USDT 4-hour chart. Source: Twitter

The analyst said,

“Trying to keep things as simple as possible. $60,000 is the new $40,000. $80,000 is next.”

Related: Bitcoin whale selling jumps while BTC price holds $60K and buyers snap up supply

Whale wallets dominate exchange deposits

According to CryptoQuant CEO Ki Young Ju, whale wallet activity is still having a significant impact on Bitcoin price.

— Ki Young Ju 주기영 (@ki_young_ju) November 5, 2021 \n\n

As highlighted above, the majority of Bitcoin exchange deposits are being conducted by whale wallets, but exchange reserves continue to decrease, which is a bullish sign for BTC because the reduced supply available for purchase tends to lead to price increases when demand spikes.

The overall cryptocurrency market cap now stands at $2.712 trillion and Bitcoin’s dominance rate is 42.6%.

Bitcoin (BTC) is still seeing a supply squeeze despite a significant uptick in whale selling on exchanges this week.

As confirmed by on-chain monitoring resource CryptoQuant on Nov. 5, whales have accounted for the vast majority of selling pressure in recent days.

Whale coins find a new home

A familiar event but with curious timing — large-volume holders are \"dumping\" BTC on the market, but at or near April's all-time highs.

Despite seemingly unanimous consensus among traders and analysts that the bull run is far from over, whales appear eager to divest themselves of their holdings.

\"Most BTC exchange deposits are coming from whales,\" Ki Young Ju, CEO of CryptoQuant, said as part of comments on Nov. 5.

\"Top 10 TXs take almost 90% of the total volume in an hour.\"

An accompanying chart of the exchange whale ratio — the top ten inflows to exchanges relative to overall inflows — showed a clear increase from the middle of October onwards.

Exchange whale ratio vs. exchange reserves vs. BTC/USD chart. Source: Ki Young Ju/ Twitter

Binance again bucks decreasing exchange balance trend

Nonetheless, a dichotomy exists — whales may be selling, but overall, the BTC balance across exchanges continues to decrease.

Related: Bitcoin only needs to break $64K to run to new all-time highs — Analyst

Appetite among buyers is rising to meet seller supply, and this accounts for the relative stability in BTC price action over the week, Ki argues.

\"Bitcoin holds support above $60k in spite of whale dumping... Exchange reserve is decreasing, leading to less supply on exchanges,\" he added.

Separate figures from data firm Coinglass shows Binance to be an exception to the trend on Nov. 5, its reserves up 2,141 BTC in the 24 hours to the time of writing. This, in itself, however, is not unusual, as Cointelegraph reported last month.

It took just four minutes for a relatively unknown cryptocurrency to rise by over 5,600% as of Nov. 5, according to data from CoinMarketCap.

Dubbed Phoenix Global (PHB), the token soared from $0.02057 to as high as $1.1413 on Nov. 5, with its volume dropping surprisingly — from $3.79 million to around $777,680 in the same period.

Phoenix Global (PHB) price action in the last 24 hours. Source: CoinMarketCap

Nonetheless, at the core of the massive PHB pump was a token migration and a technical glitch, which CoinMarketCap has now fixed with PHB price now up a relatively modest 59%.

Fake PHB pump?

In detail, Phoenix Global announced in September that it would shift its enterprise decentralized application solutions from the Neo blockchain to Binance Smart Chain (BSC). In doing so, the team also proposed to migrate its NEO-based native asset PHX to PHB, a BEP-20 standard token, with a \"redenomination\" set at 100:1 (100 PHX = 1 PHB).

The said migration commenced on Nov. 2 and effectively reduced Phoenix Global's official token supply from around 3.5 billion to 35 million. Meanwhile, the resolution led to the new PHB tokens trading 100 times higher than the pre-swap dollar price.

That triggered chaotic calculations at CoinMarketCap, for it started comparing the value of old coins with that of the new ones while treating their supply cap the same as 3.5 billion. As a result, it led traders into believing that PHB's market valuation had grown 56 times in less than five minutes, hitting $4.24 billion to become the 52nd largest.

\"The project had undergone a re-denomination, and this affected the largest volume market pair on one exchange,\" CoinMarketCap explained in private comments.

Phoenix Global (PHB) market cap performance in the last 24 hours. Source: CoinMarketCap

Just a glitch, after all

The cost to purchase one PHB token did not grow as boasted. On the contrary, the token dropped by more than 32% to $0.947 after debuting on Binance on Nov. 5, as shown in the chart below.

$\\$ PHIB/USDT daily price chart. Source: TradingView

Earlier this year, a technical glitch on CoinMarketCap had also pushed Wrapped Bitcoin, a cryptocurrency that acts as Bitcoin's mirror within the Ethereum ecosystem, to the top crypto spot.

Bitcoin (BTC) stayed rangebound on Nov. 5 as fresh analysis argued that breaking $64,000 would produce a new all-time high.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

“So near yet so far” for BTC price all-time high

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD drawing little attention as it tracked sideways around $61,000.

After multiple days of such moves, the focus from analysts remained firmly on altcoins as multiple tokens continued to rally to fresh record highs.

For Cointelegraph contributor Michaël van de Poppe, however, it would take surprisingly little for BTC price action itself to flip bullish.

In his latest YouTube update on the day, van de Poppe argued that $64,000 would provide a springboard for bulls should BTC/USD break through it convincingly. The level has held as resistance throughout the week, surviving multiple breakout attempts.

“We’re still chopping between $58,000 and $64,000, and that $64,000 area here is the crucial area that we should be breaking through if we want to get a new all-time high,” he summarized.

He added that should such an event take place, the next resistance zone would not hit until Bitcoin had cleared $72,000.

As Cointelegraph reported, November was already expected to be a month of extremes — including a return to the mid-$50,000 zone before ending on a high that could top $98,000.

For van de Poppe, however, the likelihood of $98,000 being the “worst-case scenario” monthly close now looked unlikely.

“I think it’s going to be quite hard to get to that level, and I think we might be realizing ourselves that the cycle might take longer than the previous four-year halving cycles,” he said.

January 2022 comes into play for cycle top

A survey by PlanB, responsible for the minimum monthly close series, meanwhile, revealed that the majority of respondents believe $288,000 will hit before the start of 2022.

Related: Bitcoin retests support, with trader forecasting BTC price dip to $55K

$\\$ Bitcoin price prediction survey. Source: PlanB/Twitter

While perhaps hard to imagine at current prices, this ties in with multiple observations, which place 2021 entirely in line with previous bull run years 2013 and 2017.

As such, an order of magnitude increase for this four-year cycle’s top cannot be ruled out, market participants argue.

“Mid-Dec to end-Jan still my highest probability window,” popular Twitter account TechDev, well-known for such comparisons, wrote Friday.

“Bet on the story the cycle tells you until it tells you a different one.”

TechDev previously described a cycle top of up to $300,000 as “programmed.”

High transaction fees have been a persistent thorn in the side of investors and blockchain projects since at least 2014 when Ethereum co-creator Vitalik Buterin stated in reference to Bitcoin: “The ‘Internet of Money’ should not cost $0.05 per transaction. It’s kind of absurd.”

Fast forward to November 2021, and the simple act of approving a token so that it can be transacted on Uniswap can cost as much as $50 worth in Ether (ETH) depending on the time of day.

$\\$ Average Ethereum gas cost. Source: Etherscan

Even layer-two solutions, which were billed as the protocols that would help solve the fee issue, have been unable to escape the high-fee curse of congested networks as new users onboard into the cryptocurrency ecosystem by the day.

isnt arbitrum supposed to be cheap lol what a joke pic.twitter.com/v839tZ4nch

— satsdart (@satsdart) November 2, 2021 \n\n

Users migrate to low-fee networks

As a result of persistently high Ethereum fees, a growing number of users are bridging assets to lower-cost Ethereum Virtual Machine-compatible networks. Data from Dune Analytics shows that the total value locked (TVL) on bridge protocols has been on the uptrend since the beginning of October.

Total value locked on Ethereum bridges. Source: Dune Analytics

As shown on the chart above, the Ronin bridge has become one of the more popular protocols over the past month thanks in large part to Axie Infinity users migrating assets to the lower fee platform.

The popularity of Axie Infinity is shown in the following chart from Token Terminal displaying protocol revenue.

Top projects by cumulative protocol revenue in the past 7 days. Source: Token Terminal

Related: How to take full advantage of the benefits of DeFi and increase high-interest savings

The third-ranked protocol by revenue is PancakeSwap, a high TVL decentralized finance protocol on the Binance Smart Chain that offers significantly lower transaction fees than those found on Ethereum.

A majority of the top gainers in terms of TVL over the past week are also competitor protocols that are either found on Ethereum or offer multi-chain functionality in side-chain environments.

Top projects by TVL trend in the past 7 days. Source: Token Terminal

Avalanche, Abracadabra.money, Yield Yak, Benqi, SpookySwap and Loopring are also multichain or Ethereum side-chain compatible networks that have seen a significant bump in TVL in the last seve day.

Unless something can be done in the near term about the high transaction costs on the Ethereum network, the trend of liquidity being migrated to other blockchains is likely to continue.

The bullish optimism seen earlier in the week was dialed back on Nov. 4 after recent comments from United States Federal Reserve Chairman Jerome Powell confirmed that the central bank would soon start to taper its monetary policy of easing and bond-buying.

These statements appear to have kicked off a series of price decreases across the crypto market and both Bitcoin (BTC) and Ether (ETH) are under pressure at the moment.

Data from Cointelegraph Markets Pro and TradingView shows that the price action for BTC flashed a warning when the price briefly dipped to $60,400 on Nov. 3 and currently BTC is struggling to hold the $61,000 level.

BTC/USDT 4-hour chart. Source: TradingView

Ether has also seen its price inch lower over the course of the day after setting a new record high of $4,664 on Nov. 3. At the time of writing, the top altcoin is trading at $4,473, marking a decline of 5%.

ETH/USDT 4-hour chart. Source: TradingView

According to independent market analyst ‘Rekt Capital’, Ether needs to close the week above its previous all-time high of $4,460 if it hopes to keep its positive momentum going.

$ETH made a new All Time High this week

All ETH needs to do to continue this positive momentum is Weekly Close above it previous ATH (blue)

This way, ETH would be able to flip its old ATH into support in an effort to springboard into Price Discovery again#Crypto #Ethereum pic.twitter.com/0ivLGveetP

— Rekt Capital (@rektcapital) November 4, 2021 \n\n

Related: Chainlink’s total value secured surpasses $75B as DeFi continues to surge

High flying altcoins take a beating

The pullback in BTC and Ether has hit the altcoin market hard and pushed a majority of the tokens in the top 200 into the red.

Daily cryptocurrency market performance. Source: Coin360

Some of the hardest-hit tokens are the projects that have seen some of the biggest gains in recent weeks, including a 17.22% decrease in the price of Shiba Inu (SHIB) and a 38% pullback in the price of OriginTrail (TRAC), which recently spiked to a new record high after being listed on Coinbase.

There are, however, a few bright spots in the market amid today's sea of red. The AI-powered delegated proof-of-stake protocol Velas (VLX) has seen its token gain 30.4% on the day and now trades at $0.4341, while Chromia (CHR) has gained 26.47% and Amp has seen its price increase by 20.53%.

The overall cryptocurrency market cap now stands at $2.686 trillion and Bitcoin’s dominance rate is 43%.

Bitcoin's (BTC) 90% year-to-date gain was largely fueled by the United States Securities and Exchange Commission's (SEC) recent exchange-traded fund (ETF) approval and in the first 48-hours of listing, ProShares’ Bitcoin Strategy ETF (BITO) was able to amass $1.1 billion in assets under management.

On Nov. 1, the U.S. Treasury released its stablecoins report, which basically urged Congress to regulate the industry. In short, the working group expects government agencies to require stablecoin issuers to meet the same standards as insured depository institutions.

Although the consequences of a potential stablecoin regulation for cryptocurrency markets remain unknown, stablecoins are vital for exchanges, market makers and retail investors when seeking protection. Despite this, investors still must account for the possibility that stablecoin issuers will react by simply moving their operations outside U.S. jurisdiction.

With less than 12 hours ahead of Friday's $1.15 billion options expiry, Bitcoin trades in a descending channel and faces resistance at the $62,000 to $63,000 level.

Bitcoin price on Coinbase in USD. Source: TradingView

The ETF expectation could have been the reason for the bulls' excessive optimism, which can be seen in the $68,000 and higher bets for the Nov. 5 expiry. Even with having $740 million stacked in call (buy) options, bulls might have missed an opportunity to score some relevant profits.

Bitcoin options aggregate open interest for Nov. 5. Source: Bybt

At first sight, the 11,215 BTC call (buy) options dominate the weekly expiry by 82% compared to the 6,146 BTC put (sell) instruments. Still, the 1.82 call-to-put ratio is deceptive because some of those prices now seem far-fetched.

For example, if Bitcoin's price remains above $60,000 at 8:00 am UTC on Nov. 5, only $70 million out of the $405 million worth of put (sell) options will be available at the expiry. There is no value in having the right to sell Bitcoin at $55,000 if it's trading above that price.

Bears need sub-$62,000 to balance the scales

Below are the four most likely scenarios for the $1.15 billion Nov. 5 expiry. The imbalance favoring either side represents the theoretical profit. In other words, depending on the expiry price, the quantity of call (buy) and put (sell) contracts becoming active varies:

Between $58,000 and $60,000: 270 calls vs. 1,800 puts. The net result favors put (bear) instruments by $90 million.
Between $60,000 and $62,000: 630 calls vs. 350 puts. The net result favors put (bear) instruments by $15 million.
Between $62,000 and $64,000: 1,560 calls vs. 370 puts. The net result is $75 million favoring the call (bull) instruments.
Above $64,000: 2,890 calls vs. 100 puts. The net result is complete dominance, with bulls profiting $175 million.

This crude estimate considers call (buy) options used in bullish strategies and put (sell) options exclusively in neutral-to-bearish trades. However, a trader could have sold a put option, effectively gaining a positive exposure to Bitcoin above a specific price. Unfortunately, there's no easy way to estimate this effect.

Related: Bitcoin on-chain metric suggests 2017-style bull run will continue

Bulls have a clear shot at securing a $175 million profit

Currently, Bitcoin price oscillates near $62,000 and there are incentives in place for bulls to push BTC up 3.5% to $64,000 ahead of Friday's expiry. In that case, their estimated profits should increase by $100 million.

On the other hand, considering Bitcoin's 39% rally in October, bears would be more than pleased to take a $15 million loss if the BTC expiry price remains below $62,000.

Avoiding a $175 million profit from bulls is the bears' best-case scenario right now because, during bull runs, the amount of effort a seller needs to impact the price is immense and usually ineffective.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Bitcoin's (BTC) pullback from its record high of $67,000 to below $60,000 has not deterred bulls from eyeing another peak level ahead, per an indicator that attempts to predict market bottoms and tops.

Dubbed MVRV, the risk metric represents the ratio of Bitcoin's market value to its realized value — similar to the price to book (P/B) ratio that compares a company's market value to its book value. In doing so, MVRV attempts to identify whether an asset is under or overvalued.

A 2017-like bullish setup

An MVRV reading above 3.7 alerts about Bitcoin topping out, prompting selloffs. On the other hand, an MVRV reading below 1 implies buying pressure on the prospects of Bitcoin bottoming out.

MVRV has historically assisted Bitcoin traders in spotting selling and buying pressures in the Bitcoin market. For instance, the orange overlays in the chart below represent the correlation between the Bitcoin price and its MVRV output.

Bitcoin price verses MVRV. Source: CryptoQuant

Lennard Neo, head of research, explained in a new Stack Funds report published on Nov. 4 that the current MVRV rebound is similar to the one spotted during the 2017 bull run, forming a sequence of higher highs and higher lows (green) as the Bitcoin price rises.

Additionally, MVRV also rebounded similarly after the May 2021 price crash, slipping below 1 to indicate the Bitcoin market's undervaluation in that period. The metric recovered well to create higher highs and higher lows, confirming the uptrend for Bitcoin.

\"With MVRV currently trading at 2.72, far off from its recent peak of 3.96 in Feb., we are expecting further room for growth as it re-test the 4.0 handle,\" Neo wrote in a report published Nov. 4, adding:

\"Should the MVRV uptrend play out in the near future, Bitcoin's peak is probably a while away.\"

Bitcoin to $70K?

Neo added that Bitcoin's recent ability to hold $60,000 as its support level indicates its strong willingness to retest $67,000 — or even extend the upside move toward $70,000.

The analyst mentioned two on-chain metrics in addition to MVRV to explain his bullish outlook. That included metrics that track Bitcoin balances across all the crypto exchanges and wallets that hold a large amount of BTC tokens.

In detail, the total Bitcoin held by exchanges worldwide reached 2.311 million BTC, its lowest level in more than three years.

Bitcoin balances across all exchanges reserves. Source: CryptoQuant

Bitcoin's biggest investors also accelerated their accumulation spree as the Bitcoin price recovered from its May–July 2021 crash.

According to Glassnode's Whale Supply Shock indicator, the so-called whales — addresses that hold between 10,000 and 100,000 BTC — increased their Bitcoin buying during the recovery from sub-$30,000 after July.

$\\$ Bitcoin Whales Supply Shock. Source: Glassnode

Dor Shahar, an on-chain analyst at CryptoJungle, called it a sign of \"a multi-month accumulation uptrend,\" predicting fresh record highs for Bitcoin as whales take away more BTC supply out of circulation.

Related: Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest

\"The ratio between the two groups, whales and other fishes, gives a measurement of supply dynamics,\" he said, adding:

\"Thus, [the indicator] can help visualize the supply shortage coins held by whales can cause and its effect on price. Along with that, a more sensitive macro top indication.\"

Bitcoin (BTC) may be over seven times higher than at its last halving, but if history repeats, that number could grow another 300% and more.

As tracked by on-chain data source Ecoinometrics this month, BTC/USD has the potential to eclipse estimates simply by following historical precedent.

Bitcoin: Compared to 2017, you ain’t seen nothing yet

Bitcoin currently trades 7.3 times its price since the halving in May 2020. If the last halving cycle is anything to go by, however, price action will not stop until it is 30 times higher.

The data relates to the roughly four-year halving cycles in which Bitcoin has exhibited identical behavior since its inception.

The current cycle, despite impatience from some traders, remains closely tied to the previous two.

Taking 2017 as an example, the next BTC price peak could be as much as $253,800 — and even then, Bitcoin would still be acting within previously defined parameters.

Ecoinometrics also includes data on Ether (ETH) and its performance relative to the stage of Bitcoin’s halving cycle.

The largest altcoin saw much larger comparative gains relative to Bitcoin — 120 times its halving price marked last cycle’s peak in 2018.

Thus, a repeat performance would mean ETH/USD trading at $22,300 — again not beyond the realms of possibility.

In terms of what the subsequent bear market could bring, Bitcoin would need to bottom out at around $42,000 to copy its post-2017 correction. ETH’s price, on the other hand, would fall to $1,347.

$\\$ Bitcoin and Ether post-halving performance chart. Source: Ecoinometrics/Twitter

1 BTC = 1 BTC

If such sky-high figures are difficult to comprehend, they pale in comparison to what well-known data analyst Willy Woo now believes.

Related: Bitcoin retests support, with trader forecasting BTC price dip to $55K

In a tweet this week, Woo reiterated that this Bitcoin halving cycle would be unique in one specific way: It will end in things being priced in BTC, not United States dollars, as using anything to measure BTC value will be pointless.

“What’s my prediction for the top of this cycle? Since I think this is the last cycle, the one that takes us to saturation, which if it wins, we can’t put a USD value on it because things get valued in BTC,” he wrote.

“Thus the cycle top is easy to pick. It will be 1 BTC = 1 BTC.”

A separate post noted how close Bitcoin was getting by market capitalization compared to U.S. dollar M2 supply. The situation in the next five years — the remainder of the current cycle and start of the next — he commented, will be “very interesting.”