Is the bull market over? How much longer will it last?
From the change in holdings, long-term players (blue line) are reducing their positions, mainly because their chips have increased by 4-5 times. Some smart money is starting to take profits, which aligns with bull market patterns. The chips being sold are being taken up by new investors entering the market, whose holdings are continuously increasing.

But this does not mean the bull market is over. Historically, bull market turnover usually lasts more than six months. Currently, the market has only moved halfway and has lasted for just 2 months, so there is approximately 4 months of upward space left. Based on Bitcoin’s historical trends, the monthly increase from January to April is around 10%, and the price could approach 140,000.