Bitcoin Nears ATH, But Long-Term Holders Are Not Selling: Will It Rise Further?

New on-chain data shows that although Bitcoin (BTC) is trading near its all-time high (ATH), long-term holders (LTH) are not selling off their stakes. Instead, these investors continue to accumulate the world's largest cryptocurrency by market capitalization, signaling their confidence in the upcoming bullish move in the coming weeks. Long Term Bitcoin Holders Have Not Sold Yet According to a recent post by CryptoQuant Quicktake from contributor ShayanMarkets, the profit-taking activity of long-term holders remains relatively low, even as BTC trades near ATH levels. Historically, profit-taking activity tends to spike significantly when Bitcoin reaches previous highs, as many investors want to take profits. However, this has not occurred in the current market cycle.

Analysts emphasize that Bitcoin consolidating near ATH often leads to significant profits being realized by market participants. However, current data shows that LTH – those who have held BTC for more than 150 days – have not yet begun to take profits on a large scale. Specifically, the Output Profit Ratio index has spent (SOPR) of LTH is trending down even as BTC continues to steadily rise towards a new ATH level of around 109,000 dollars. The analyst explains: This decline indicates that long-term holders have not yet engaged in significant profit-taking activities. Instead, they seem to be accumulating, signaling confidence in higher price targets and anticipating new all-time highs. Essentially, the ongoing BTC consolidation phase seems to be driven more by short-term holders (STH) and retail traders. Traditionally, these investor segments react more to price fluctuations, quickly responding to both bullish and bearish movements. The analyst also stated that Bitcoin is likely to continue its bullish trend after this consolidation phase. If history repeats itself, the next bullish move could push BTC to a new all-time high in the long term. Analysis from CryptoQuant collaborator BlitzzTrading supports this outlook. BlitzzTrading observes that BTC whales – wallets holding significant amounts of Bitcoin – have realized much less profit compared to previous bullish trends.

This behavior shows the long term investment mindset among whales, making them closer to LTH compared to retail traders or short-term speculators. It can be said that BTC whales are often long term investors, typically holding their positions throughout the market cycle, unlike smaller holders who tend to trade more frequently. BTC Can Track the Historical Price Action of Gold Interestingly, there is currently a comparison between Bitcoin and gold. Gold has seen an impressive increase over the past two years, rising from around 1,800 dollars an ounce in mid-2023 to about 3,200 dollars an ounce now – an increase of nearly 75%. Cryptocurrency analyst Cryptollica recently remarked that BTC is likely to follow in the footsteps of gold and achieve similar extraordinary growth by 2025. This analyst predicts that BTC could soar to as much as $155,000 this year.

Similarly, the Bitcoin Bull-Bear Market Cycle indicator is signaling the continued bullish momentum of this top cryptocurrency. At the time of the press report, BTC was trading at $101,852, down 1.5% in the past 24 hours.