Analyst: Bitcoin Long-term Holders' Selling Behavior Approaching Low Levels, Further Boosting the Possibility of Sustained Rally

BlockBeats News, on June 18, CryptoQuant analyst Axel Adler Jr published a post stating, "If we observe the group of long-term holders as a whole, their current selling activity is nearing its lowest level. Essentially, the selling activity of long-term holders is at its current minimum, which aligns perfectly with the classic accumulation phase. In the previous four similar cases, three of them saw this kind of long-term holder behavior leading to an 18% to 25% increase in Bitcoin's price within the following 6 to 8 weeks."

The current sluggish state of the binary metrics for long-term holders is supported by positive on-chain holding days momentum and the MVRV Z-score value, which further enhances the likelihood of Bitcoin continuing its upward trend."

Indicator explanation: An MVRV Z-score value of 0 indicates neutral valuation, while ±1 represents extreme levels.