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Bitcoin has moved out of its bottom range and is entering a full-fledged upward rally, according to crypto analyst CW.
CW said long-term holder SOPR, an indicator showing whether holders sold BTC at a profit, has recently turned higher and moved above one. That suggests the market has shifted from a bearish phase to a neutral state, with a more sustained uptrend now beginning.
CW added long-term holder SOPR has not reached six in this cycle. In past cycles, market tops formed around that level, meaning broad profit-taking by long-term holders has yet to emerge this time. In cycle terms, CW said, the rally in its truest sense had not even started until now.
CW also said Bitcoin’s move so far had been a preparation phase for a larger rally. Long-term holders’ BTC balances are at record levels, and accumulation continued until recently, CW said.