In fact, the peak period of each halving cycle begins with the departure of long-term holders of #BTC, and during the price increase of BTC, long-term holders gradually release their holdings. This cyclical judgment has almost never been wrong.

Moreover, it can be observed that with the cyclical changes, the number of long-term holders is continuously increasing, with more and more investors moving towards long-term holding, and this group of investors is often composed of high-net-worth individuals.

From historical data, long-term investors rarely exit at the price peak; most gradually reduce their holdings during the upward process.

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