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Crypto analyst KillaXBT said Bitcoin’s short-term holder, or STH, supply has entered an overheated zone similar to past market cycles, suggesting the market may have already formed a bottom.
KillaXBT said that in previous cycles, BTC moved out of its macro low before short-term holder supply expanded to overheated levels. The similar pattern now appearing is another signal supporting a market bottom, KillaXBT said. In 2023, after the metric reached an overheated zone, BTC maintained its higher-timeframe, or HTF, uptrend and posted further gains, according to the analyst. With a similar pattern now being observed, KillaXBT said there is no need to be overly swayed by the fear and greed index, adding that irrational market behavior can persist far longer than expected.