Bitcoin Bull Market Confirmed as Price Targets Profit-Taking Zone

Bitcoin's bull market appears to be confirmed according to on-chain signals and analysts. The cryptocurrency price has reclaimed its 365-day moving average at $80,500, signaling a potential new cycle top and bottom as shallower due to institutional ownership.

CryptoQuant CEO Ki Young Ju predicts future Bitcoin price cycles will be less extreme thanks to a shift from retail to institutional ownership, stating that 'today, a much larger market and growing institutional ownership are dampening both extremes.'

However, the area around $90,000 may bring increased odds of profit-taking if the price reaches it. According to CryptoQuant data, the upper band for profit-taking sits at $90,300, or 40% above the realized price.

The report also notes that the path between the current spot price at $86,000 and the profit-taking zone is 'largely clear' while seeing no return to bear-market conditions. The bull market is confirmed by technicals, valuation, and on-chain data all pointing in the same direction, up.