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It is the upward structure of the Bitcoin market from …
Renowned cryptocurrency analyst Willy Woo looked at Bitcoin price statistics in a new episode of The Bitcoin Forecast to determine if the royal currency market continues to rise. It mainly looked at the ratio of long-term holders (LTHs) to short-term holders (STHs) of BTC.
Holders of Bitcoin with coins longer than five months are considered LTHs,
Woo said that when LTHs peak, BTC tends to launch a strong rally that allows long-term holders to transfer their funds to a new batch of short-term holders. With that in mind, Woo reported that LTHs have peaked in recent weeks. He said the following:
“The long-term owners are at the forefront, so generally when we are in this zone you have a peak accumulation.
These guys tend to sell in rallies. You saw that in the last rally last October, and when the ammunition ran out,
the short-term holders are holding these coins, especially the new investors with weak hands. We are in the area of strong sales,
which means that they have started to make profits “.
It is the upward structure of the Bitcoin market from …
The on-chain analyst went on to say that LTHs with strong hands have gathered all the BTCs they can, indicating that it is unlikely that a bear market will emerge. how long it will take, Woo said the bull run is likely to continue as long as LTHs are needed to pass their coins to STH:
“So, structurally, this is quite upward. Strong men have all their ammunition. I do not see any bear market when we zoom out.
This is usually a sign of strength, so depending on how long it starts to decline in these lower areas, we will give you a timeline for how long our uptrend will last.
I expect this course to continue, and maybe it will last until mid-2022, maybe that will reduce a lot.
but in the long run it is structurally upward “.
