Bitcoin Could Be Ready For ‘Phase 2’ Of This Historical Bull Pattern

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	2,150,767,967,793	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

2,150,767,967,793

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	5,723.75	5.55%	108,836.85	108,836.94	108,845.00

Price Change

Price Change %

Current Price

Bid Price

Offer

5,723.75

5.55%

108,836.85

108,836.94

108,845.00

High Price	Low Price	Open Price	Prev. Close	52 Week Range
109,356.00	99,460.67	106,900.00	103,113.10	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

109,356.00

99,460.67

106,900.00

103,113.10

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	07:16:18	0.000167	108,644.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

07:16:18

0.000167

108,644.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
801,616,719.64	7,795.74	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

801,616,719.64

7,795.74

Bitcoin Could Be Ready For ‘Phase 2’ Of This Historical Bull Pattern

09/11/2024 9:30am

NEWSBTC

On-chain data shows Bitcoin could currently be following a similar pattern as in a previous cycle in terms of this indicator. Bitcoin Could Now Be Entering Phase 2 Of The Bull Run In a CryptoQuant Quicktake post, an analyst has pointed out how the recent trend in the Bitcoin long-term holder supply has been reminiscent to what was observed in the 2017 cycle. The long-term holders (LTHs) make up for one of the two main divisions of the BTC userbase done on the basis of holding time, with the other side being known as the short-term holders (STHs). The cutoff between these two cohorts is 155 days, with investors who bought inside this window being part of the STHs, while those holding since more than it falling in the LTHs. Related Reading: Bitcoin Sentiment Enters Danger Zone: Investors Now Extremely Greedy Statistically, the longer an investor holds onto their coins, the less likely they become to sell said coins at any point. Thus, the LTHs are considered to include the more resolute market participants. Below is a chart that shows the trend in the combined amount of supply held by the participants of the respective Bitcoin groups. As is visible in the graph, the Bitcoin LTH supply observed a sharp decline back during the rally of the first quarter of the year, suggesting that even these diamond hands couldn’t resist the temptation of profit-taking. Alongside this decrease in the LTH supply, the STH supply naturally went up, as whenever the LTHs transfer their tokens on the blockchain, they become part of the STH cohort instead. Recently, the LTH supply had reversed this drawdown from earlier in the year, but with the latest rally to the new all-time high (ATH), the metric has again switched directions. In the chart, the quant has highlighted how a similar pattern was also witnessed back during the 2017 cycle; a first phase of distribution from the LTHs was followed by accumulation, which then led to a second phase of distribution. Related Reading: Dogecoin Descending Triangle Could Hint At Next Destination For DOGE It’s possible that the latest turnaround in the LTH supply is the start of the phase 2 distribution for the current cycle, where fresh capital flows in to take coins off the hands of the HODLers. The LTH supply isn’t the only metric that’s showing a trend that matches that of the previous cycle. As the chart shared by the analyst shows, the Bitcoin Binary CDD is also forming an interesting pattern. The Binary Coin Days Destroyed (CDD) basically tells us about whether the HODLers are selling less or more than the historical average. From the graph, it’s apparent that the 152-day moving average (MA) of this metric may be showing a second breakout similar to the one that led into the 2021 bull run. BTC Price Bitcoin continues to be in ATH exploration mode as its price is trading around $75,900. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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