Long-term Bitcoin holders, particularly those with Bitcoin UTXOs older than 3 years, continue to accumulate more BTC, indicating strong long-term bullish sentiment. Over 50% of BTC’s total supply has remained inactive on the blockchain for over a year, suggesting conviction among long-term holders about bitcoin’s future value. As the price of Bitcoin recovered to $56,000, the 1-year and 2-year holder cohorts transitioned from a selling phase to a holding one, indicating renewed confidence in Bitcoin's upside potential.

Market intelligence firm, CryptoQuant, suggests that the behavior of long-term holders, combined with key on-chain metrics, indicates an underlying bullish sentiment. Similarly, Glassnode noted that a certain group of long-term Bitcoin holders, who had been selling portions of their holdings since December 2023, have started re-accumulating or buying BTC again.

However, a break below the daily Ichimoku cloud could shift market sentiment bearish, potentially leading to a retracement towards $64,000. IntoTheBlock estimates that the next market peak could occur within the next 140 to 260 days after long-term holders started selling, which translates to a potential peak window between October 2024 and March 2025.