On-chain analytics firm centimentstated that the two cryptoassets are close to finding their local peaks in the new data they published.
According to data from Santiment, crypto investors are making their highest profits on Bitcoin and Ethereum since 2021.
“Crypto markets see a new high? Investors pretend to believe it and seize the opportunity to make a profit while it is available. Bitcoin offers the highest profit rate since February 2021. In Ethereum, this rate is the highest since October 2021.”
A Similar Crypto Forecast Came From Glassnode
crypto analytics firm glassnodestates that Bitcoin has seen a larger volume of profits realized on-chain compared to losses for the first time since June.
“During bear cycles this tends to act as a psychological level where investors build resistance by selling at or near the breakeven point.”
Glassnode also says that Bitcoin is in the process of retesting 1.0 at its adjusted output earnings ratio (aSOPR), which reflects the ratio between selling and buying prices.
According to Glassnode, it marks the first retest of this line, which has served as a key resistance level throughout the current bear market since the collapse of FTX.
“Happening [kar/zarar] rate or a convincing break above 1.0 for aSOPR has historically signaled that a cycle regime change is underway. A successful retest and jump of aSOPR from 1.0 is usually observed near cycle milestones.”
