🔍 BTC Long-Term Holders Selling — Correction or Bull Run Intermission?
Bitcoin fell below $113,000 for the first time since early July, starting the weekend poorly. Given the potential importance of this price threshold, Bitcoin's headroom has been questioned. The latest on-chain data implies the Bitcoin bull run may continue.
Despite ETF euphoria, Wedson noted that on-chain data suggests a market change. This trend suggests long-term bitcoin holders are selling in huge quantities.
The expert estimates that LTHs have sold 50% of exchange-traded fund Bitcoin. Despite this, Wedson expects the BTC bull market to go “at least 2 more months” and the altcoin bull cycle three months.
Key Metrics Warn, But ‘Final Top’ Not Yet Wedson presented four on-chain indicators, including the Coin Days Destroyed Terminal Adjusted Metric, to support his argument. This metric indicates that aged coins are moving after a lengthy period of inactivity.
The expert noted that old BTC has moved significantly in the previous two years. Wedson said that this caused three big warning indicators and a local top.
Wedson used Reserve Risk Indicators to assess LTH conviction. Due to increasing selling and hand swaps, this measure has reached a danger zone.
The internet pundit then cited SOPR Trend Signal data. The SOPR is used to determine if Bitcoin is traded profitably. Wedson noted that this indicator recently flashed a negative signal, indicating market profit-taking.
The Bitcoin Cycle Market Top Prediction: Max Intersect SMA Model, ‘the most accurate measure in the world’ for identifying Bitcoin macro tops, was released yesterday. Wedson noted that this indicator has not yet turned bearish. The expert said that the ultimate peak would not occur until the blue line hits $69,000 in the chart below.
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