In a most curious turn of events, both the short-term and long-term holders of Bitcoin are exhibiting a level of conviction that would make even the most steadfast of Englishmen blush. They cling to their gains with a tenacity reminiscent of the days following July 2021—just before our dear BTC flirted with the dizzying heights of $69,000. Ah, nostalgia!
“This suggests there is still no widespread euphoria in the market,” quipped Alphractal, with a wink and a nudge.
Rather than signaling a state of exhaustion akin to a Sunday afternoon after too much pudding, this curious lack of profit-taking may indicate that the market is still in its early enthusiasm phase. Many investors, bless their optimistic hearts, are holding out for prices that would make even the most extravagant of dreams seem modest. Alphractal posits that for global sentiment to truly ignite, Bitcoin must gallop well past $110,000, perhaps even daring to reach the lofty heights of $140,000. A tall order, indeed!
The data, as it were, reveals that the most significant waves of profit realization in this cycle occurred during the balmy months of March and April 2024, and again from December 2024 to January 2025. Outside of these delightful windows, selling pressure has been as scarce as a polite conversation at a dinner party, with most holders opting to ride the trend rather than cash out. How quaint!
Market Still Asleep?
This steadfastness among investors suggests that the market has yet to reach the typical “euphoria phase” that often signals a local or macro top. In fact, Alphractal suggests that the market has yet to fully “wake up” to the potential of the next phase, hinting at further upside. One can only hope it doesn’t take a bucket of cold water to rouse it!
If this conviction continues to hold and institutional adoption deepens, Bitcoin could be poised for a second surge—not just in price, but in retail participation and mainstream sentiment. Who knew that digital currency could be so thrilling? 🎢
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2025-05-22 06:12