Following the Fed’s rate decision, Bitcoin price has seen a notable short-term recovery, successfully breaking above the $29,000 resistance zone. Despite recent volatility, some analysts remain optimistic about Bitcoin’s long-term prospects, claiming that it is still in a bull market. This sentiment is supported by the fact that many long-term Bitcoin holders are still holding on to their currently profitable positions.
Ali Martinez said that despite Bitcoin falling below $30,000, the adjusted SOPR shows that most BTC sellers are still making a profit. This is similar to selling purchased goods at a discount.
He tweeted: "Despite#Bitcoinfalling below $30,000, adjusted SOPR suggests many people selling BTC are still making a profit. Think of it as people selling a commodity they bought at a discount. Don't let short-term price action obscure the big picture."
According to Daan Crypto, Bitcoin is experiencing its longest period at or below its weekly 200 moving average. The previous record was set in 2015 and lasted for about 9 months. However, the current situation has surpassed that, and Bitcoin has remained below the weekly 200MA for more than 13 months. This extended duration can have a significant impact on the price and market sentiment of the cryptocurrency.
Credible Crypto said: "We have been repeating the exact same pattern with every accumulation/consolidation structure since the 15k bottom. It's almost time for the next impulse."
Cryptoquant co-founder Ki Young Ju believes that Bitcoin is still in a bull cycle. One of the indicators that supports this view is that about 71% of Bitcoin's realized capital has remained unchanged for more than 6 months. This data shows that long-term holders are holding Bitcoin, resulting in low selling pressure in the current market.
