Analyst: Long-term Bitcoin Holders’ Selling Activity Nears Lows, Further Strengthening the Potential for Continued Uptrend
On June 18, CryptoQuant analyst Axel Adler Jr stated, "If we look at the entire group of long-term holders, their current selling activity is near its lowest level. Essentially, long-term holders' selling has reached a current low, which aligns with the classic accumulation phase. In three out of the previous four similar cases, this behavior by long-term holders led to a Bitcoin price increase of 18% to 25% within the following 6 to 8 weeks. The current weakness in the long-term holder binary indicator is supported by positive on-chain holding days momentum and the MVRV Z-score, further strengthening the likelihood of a sustained Bitcoin rally." Indicator explanation: An MVRV Z-score of 0 indicates neutral valuation, while ±1 represents extreme levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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