Bitcoin Long-Term Holders Selling: Is the Bull Run Over?
Recent on-chain data reveals a potential shift in the Bitcoin market. Long-term holders (LTHs) are starting to sell significant amounts of their Bitcoin, with approximately 50% of Bitcoin held in ETFs having been sold by LTHs, according to crypto analyst Joao Wedson. This activity is supported by several on-chain indicators flashing warnings. The Coin Days Destroyed Terminal Adjusted Metric shows significant movement of old BTC over the past two years, triggering three major warning signs coinciding with local tops. The Reserve Risk Indicator has entered a warning zone due to increased selling activity. The Spent Output Profit Ratio (SOPR) Trend Signal recently flashed a bearish signal, indicating increased profit-taking. However, Wedson points to the Bitcoin Cycle Market Top Prediction: Max Intersect SMA Model, considered the most accurate metric for identifying Bitcoin’s macro tops, which hasn’t yet signaled a bearish trend. This model suggests the final top hasn’t been reached until the blue line reaches the $69,000 level. Despite the LTH selling, Wedson predicts the Bitcoin bull market will continue for at least two more months, with the altcoin bull cycle lasting three months. While caution is advised, historical cycle patterns suggest the final market top is yet to arrive. Currently, Bitcoin is valued at approximately $113,052, a 1.2% decrease in the past 24 hours.
(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-long-term-holders-may-be-selling/)
