Analyst: The selling behavior of long-term Bitcoin holders approaches a low point, further enhancing the possibility of a sustained rise.

On June 18, CryptoQuant analyst Axel Adler Jr stated, “If we observe the entire long-term holder group, their current selling operations are close to the lowest levels. Essentially, long-term holders’ selling activities have reached the current low point, which corresponds to a classic accumulation phase. In the previous four similar cases, three times this behavior of long-term holders led to a rise in Bitcoin prices of 18% to 25% in the following 6 to 8 weeks. The current dismal state of the long-term holders’ binary indicator is supported by the positive on-chain holding days momentum and MVRV Z-score values, further enhancing the possibility of Bitcoin’s continued rise.” Indicator explanation: A MVRV Z-score value of 0 indicates neutral valuation, while ±1 represents extreme levels.