According to this on-chain indicator, an analyst explained how the next potential local top for Bitcoin could be $89,200.
Bitcoin CVDD “Assessing Tops” Metric Could Suggest Next Potential Top
In a new post on X, analyst Ali Martinez has talked about where the next top for BTC could be based on the Cumulative Value Days Destroyed (CVDD). The CVDD is an on-chain metric derived from the “Coin Days Destroyed” (CDD).
A “coin day” is the quantity that 1 BTC accumulates after sitting dormant on the blockchain for 1 day. When a coin that has accumulated a certain number of coin days is moved on the network, the coin days it was carrying naturally reset back to zero and are said to be “destroyed.”
The CDD measures the number of coin days being destroyed across the market on any given day. Since every transaction also carries some USD value based on the price at its time, the CVDD adds another layer of context to the CDD by accounting for the USD value of every coin,
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