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The analytical firm Glassnode has highlighted on-chain data signaling a potential upward movement in Bitcoin’s price. They emphasized the importance of the ‘Realized Cap’ indicator, which is calculated based on the last price at which each coin was transacted. This metric is interpreted as a tool for measuring investors’ profit or loss status.
On-Chain Indicators
According to Glassnode’s data, the Realized Cap tracks net capital inflows into Bitcoin 
$103,642. Since its low in 2022, the Realized Cap has increased by 2.1 times. This rise is seen as a potential indicator that prices might ascend in the future.
Glassnode stated, “Realized Cap measures net capital inflows into Bitcoin. Since the 2022 decline, there has been a 2.1 times increase, and the typical euphoria phase has not fully formed yet.”
Comparing with Previous Periods
The firm noted that the current cycle resembles the 2015-2018 price increases, characterized by strong demand supported by significant interest from spot market investors. Despite the market size, previous pullbacks typically remained under 25%.
Glassnode suggested that a second wave of exuberance in price movements could commence if demand strengthens. Although explosive growth has been observed in prior cycles, a similar level of increase may not be feasible in the current market.
Glassnode remarked, “Explosive growth has been observed in previous cycles. A 100-fold increase like in 2015 seems unlikely today, but expansion may continue if demand strengthens.”
At the time of writing, Bitcoin is trading around $101,000, showing a slight decline in the past 24 hours. Analyses indicate that positive signals in market demand could lead to potential acceleration in price movements. Investors can monitor market developments by considering on-chain data and historical examples, as such analyses provide valuable insights for understanding market dynamics.
