According to Cointelegraph, spending by long-term Bitcoin holders — often referred to as OG holders who have held their coins for years — has fallen to a 19-month low. This suggests that these experienced investors are unwilling to sell at current price levels, indicating reduced selling pressure and a preference to hold.
At the same time, a market model based on Bitcoin's halving cycle signals that September of this year could be a potential market bottom. The halving model draws on historical patterns from previous halving events to forecast price bottoms, and its current reading points to the end of the third quarter.
The combination of long-term holders' reluctance to sell and the halving model's bottom projection strengthens the case that a market bottom may be nearing. These indicators are commonly used in cycle analysis, though short-term price movements remain uncertain.