Bitcoin Long-Term Holder Sell-Off Signals Caution Amid Potential Extended Bull Cycle
Main Idea
Bitcoin long-term holders are selling significant amounts of BTC, signaling potential market caution, but key indicators like the Alpha Savior metric suggest the bull market may continue for at least two more months.
Key Points
1. Bitcoin long-term holders (LTHs) have sold Bitcoin equivalent to 50% of all ETF holdings, indicating increased sell pressure.
2. On-chain metrics like Coin Days Destroyed (CDD) and Reserve Risk show heightened activity from long-term holders, with CDD spikes aligning with bearish signals.
3. The Spent Output Profit Ratio (SOPR) recently turned bearish, preceding a price dip and suggesting a potential correction phase.
4. The Alpha Savior metric, which predicts macro-level tops, has not yet signaled a market top, requiring Bitcoin to reach around $69,000 for confirmation.
5. Historical trends indicate that LTH selling often precedes market peaks, and SOPR trends have reliably forecasted short-term corrections.
Description
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