Following the Federal Reserve’s decision to lower interest rates, Bitcoin’s value successfully surpassed the $29,000 barrier area, signalling a strong short-term recovery. Despite recent changes, some analysts are still upbeat about Bitcoin’s long-term prospects and maintain that it is still in a bull market. The fact that many long-term Bitcoin investors are still holding investments that might be now profitable lends credence to this sentiment.
According to Ali Martinez, the Adjusted SOPR shows that practically all Bitcoin sellers are still generating money even though the price of the cryptocurrency has fallen below $30,000. It’s similar to selling products that were purchased for a bargain.
He posted the following on Twitter: “Despite #Bitcoin falling below $30,000, the Adjusted SOPR means that many people who are selling $BTC are still making money. Think of it as people selling items they obtained at a discount. Don’t let the greater picture be obscured by short-term worth fluctuations.
According to Daan Crypto, the longest period for Bitcoin has been at or below the Weekly 200 Shifting Common. The earlier report took place in 2015 and lasted around nine months. However, the current situation has eclipsed that, with Bitcoin continuing to trade below the Weekly 200MA after more than 13 months. This extended timeframe might have significant effects on the value of cryptocurrencies and market sentiment.
Credible Crypto stated, “Since our bottom at 15k, we’ve been replicating the exact sample with every single accumulation/consolidation construction. The next impulse will soon be ready.
The co-founder of Cryptoquant, Ki Younger Ju, thinks that Bitcoin is still in a bull cycle. The fact that about 71% of Bitcoin’s realized capitalization has remained static for more than six months is one of numerous evidence points in Favour of this theory. This evidence indicates that long-term investors are sticking onto their Bitcoin, which accounts for the current low level of market promotion pressure.