CW8900
Bitcoin is breaking out of its bottom and starting a rally.
The $BTC Long-Term Holder (LTH) Spent Output Profit Ratio (SOPR) is increasing above 1. The market is shifting from a bearish phase to a neutral state, and a full-scale uptrend is now beginning. It is particularly important point that, in this cycle, the SOPR has not yet exceeded the 6. Historically, cycle peaks have formed in that range. However, during this cycle, there has been no phase where long-term holders engaged in profit-taking. In other words, a real bull rally has not yet occurred. Everything up to this point has been a preparatory phase for the rally that is now getting underway. LTH $BTC holdings are at an all-time high level, and they have continued to accumulate up until recently. The real rally is now starting. The cycle peak will occur in the profit-taking zone where the SOPR exceeds 6.