Bitcoin’s Dip Isn’t the End, CryptoQuant Sees Bull Market Still Intact

• Long-term Bitcoin holders continue accumulating despite the recent market correction.

• MVRV and NUPL indicators suggest a healthy mid-cycle market reset.

• Limited supply and resilient holders support the ongoing bull market outlook.

Bitcoin — BTC, has faced another sharp correction, leaving many investors questioning the market’s direction. Fear often grows during large pullbacks, especially after extended declines from record highs. However, fresh on-chain data presents a calmer picture. Several key indicators suggest experienced investors remain confident despite recent weakness. Rather than signaling a market collapse, current conditions may reflect a healthy reset before another stage of the broader bull cycle begins.

Bitcoin Correction Signals Mid-Cycle Reset, Not Bull Market End: CryptoQuant

— WhatNow (@AusMundy) July 15, 2026

Long-term Holders Continue Showing Confidence

CryptoQuant contributor CryptoZeno recently examined Bitcoin’s long-term holder MVRV metric. The findings suggest current market conditions differ from previous cycle tops. Bitcoin currently trades near $64,500 after gaining about 4% during the past day. Even so, the price remains roughly 49% below the previous all-time high. The MVRV indicator focuses on investors holding Bitcoin between six months and ten years. According to CryptoZeno, those experienced holders continue showing patience.

Previous market peaks during 2017 and 2021 displayed much higher MVRV readings. Those elevated levels often reflected aggressive profit-taking before major downturns. Current readings tell a different story. The indicator remains well below historical danger zones. That suggests long-term investors have not rushed toward exchange exits. Instead, many continue holding through market volatility. Another encouraging signal comes from the long-term holder cost basis.

The average purchase price among those investors continues rising despite lower market prices. Such behavior suggests recent weakness comes mainly from falling prices rather than widespread selling by experienced holders. CryptoZeno believes this correction serves an important purpose. Lower prices reduce excessive speculation across the market. At the same time, committed investors continue holding available supply. Such conditions often create stronger foundations for future price recovery.

NUPL Suggests a Healthy Market Reset

CryptoZeno also analyzed Bitcoin’s Adjusted Net Unrealized Profit and Loss indicator. Better known as NUPL, the metric measures unrealized profits and losses across the Bitcoin network. Following recent declines, NUPL has moved much closer to neutral territory. Unrealized profits have fallen considerably across the market. Similar conditions appeared during previous bull cycles before stronger recoveries developed.

Historical data suggests such resets often clear overheated market conditions instead of ending long-term uptrends. Investor behavior also reveals an important difference between market participants. Long-term holders continue sitting on healthy unrealized gains despite recent declines. Confidence remains strong among those experienced investors. Panic selling has not emerged across that group.

Short-term holders face a very different situation. Many recently experienced paper losses before recovering toward breakeven levels. Smaller profit margins make those traders more sensitive to changing market sentiment. Any fresh weakness could encourage additional selling from newer investors.CryptoZeno believes both MVRV and NUPL point toward the same conclusion.