🔥🔥🔥 Bitcoin 40% Of Way Through #Bullrun If This Metric Is To Go By
An analysis of Bitcoin's long-term holders suggests that the current bull run may be approximately 40% complete, based on recent distribution patterns observed among these investors.
Long-Term Holders (LTHs), who are defined as Bitcoin investors holding onto their coins for over six months, typically exhibit strong resilience and are less likely to sell their holdings regardless of market conditions. However, during bull runs, particularly when the asset surpasses its previous all-time high (#ATH ) price, these investors tend to start distributing their holdings.
Recent data analyzed by Glassnode lead analyst Checkmate indicates that LTHs have begun to sell their holdings in a manner similar to previous ATH breaks. As shown in the graph, there has been a noticeable decline in the supply held by Bitcoin's long-term holders.
This distribution of holdings among LTHs is a significant signal, as it suggests that these investors are cashing out profits accumulated during the bull run. Historically, it takes around 6-8 months for new demand to absorb this sell-side pressure from LTHs, leading to further price appreciation.
Based on the historical average drawdown in the supply held by LTHs, the current Bitcoin cycle appears to be approximately 40% complete in this distribution process.
#BTCPrice Update
In the past 24 hours, Bitcoin's price has surged, reaching $71,800 as it continues its upward momentum.
Source - newsbtc.com