CryptoQuant analyst CW8900 said Bitcoin is moving out of its bottoming phase and entering a new upswing, pointing to the long-term holder (LTH) Spent Output Profit Ratio, or SOPR, climbing above 1. In his view, that shift signals the market is moving from a bearish phase to a neutral one, with a broader uptrend now starting to take shape. He added that LTH SOPR has not moved above 6 in the current cycle, while past cycle tops have typically formed in that range. That, he argued, suggests long-term holders have not yet gone through a profit-taking phase and that the real bull-market advance has not happened yet. CW8900 also said LTH holdings remain at historical highs and had continued to rise until recently. Based on those conditions, he believes the current move marks the start of the real rally, while the cycle top would likely appear once SOPR enters the profit-taking zone above 6.
CryptoQuant analyst CW8900 said Bitcoin is breaking out of its bottom and starting a new advance, citing the long-term holder, or LTH, Spent Output Profit Ratio (SOPR) moving above 1.
According to him, that change shows the market is shifting from a bearish phase to a neutral one, with a broad uptrend now beginning.
LTH SOPR has not reached the range seen near historical cycle tops
CW8900 said SOPR has not risen above 6 in the current cycle. In past cycles, tops have usually formed in that range. He said this suggests long-term holders have not yet entered a profit-taking phase, meaning the real bull-market rally has not taken place.
He added that all previous price action had been a preparation stage for the current rise.
Long-term holder positions remain at record highs
The analyst also said LTH holdings are at historical highs and had continued to increase until recently. Based on those signals, he argued that the real rally is starting now, and that the cycle top would appear once SOPR moves into the profit-taking zone above 6.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
