The Bitcoin price started the weekend in the worst way and fell below the level of $ 115,000 for the first time since the beginning of July. Given the supposed meaning of these price brands, there have been questions about how much headroom the price of Bitcoin still has. The latest data about the chains suggest that the Bitcoin Bull Run may not be over yet.
BTC holders start to distribute in the long term
In a post on August 1 on X, Crypto analyst Joao Wedson reported That the Bitcoin cycle for the long-term holders seems to end.
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Wedson emphasized that, regardless of the constant excitement around ETFs, data on chains show a clear market shift. This shift indicates that the long -term holders of the cryptocurrency start to sell their coins, and also in large quantities.
According to the analyst, about 50% of the amount of Bitcoin that is held in listed funds has been sold by the LTHS. Regardless of this situation, Wedson expects that the BTC bull market will continue “at least 2 months” and the bull’s cycle of the Altcoins for three months.
Key Metrics Flash -warnings – but ‘last top’ not yet seen
Wedson supported his claim with four indicators in chains, starting with The coin days destroyed the adjusted metric of the terminal, which showed that outdated coins move after they are in sleep for a long period.
The analyst explained that there has been an important movement of old BTC in the last two years. This, Wedson emphasized, caused three major warning signals that coincide with a local top.
Wedson also referred to the reserve risk -indicators to measure the current LTH order. This statistics, from analysis, has been introduced a warning zone because there are an increased sales activity and hand exchanges.
Subsequently, the online expert quoted results from the trend signal for used output ratio (SOPR). The SOPR measures or coins (in this case bitcoin) are moved with a profit or loss. Wedson pointed out that this indicator recently flashed a bearish signal, which implies an increased profit on the market.
Referring to it as ‘the most accurate metric in the world’ used to identify the Macro tops of Bitcoin, was the top prediction of the Bitcoin cycle market: Max Intersect SMA model was last released. Wedson emphasized that this metric should not yet flash a bearish signal. With the help of the graph below, the analyst explained that until the blue line reaches the level of $ 69,000, the last top still has to arrive.
In the end, the analyst praised panic, because historical cyclus patterns suggest that the final market top still has to arrive. Bitcoin is currently appreciated at around $ 113,052, which reflects a price drop of 1.2% in the last 24 hours.
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Featured image of Istock, graph of TradingView