Start, second half of the bull market

According to on-chain data, Bitcoin (BTC) is expected to enter the second half of the bull market in 24-25 years. As can be seen from the chart, each bull market cycle consists of the "first half of the bull market" and the "second half of the bull market", and there will be significant adjustments during the bull market transition phase. The orange curve at the bottom of the chart represents the amount of Bitcoin held by short-term holders (holders who hold for less than 155 days), while the black curve at the top represents the price trend of BTC.

 

When the holding amount of short-term holders reaches its peak, it is often accompanied by a significant increase in price, which is seen as a signal for the start of a bull market. In the past few cycles, the second half of the bull market usually saw a rapid increase, which was also a key stage for the price to reach its peak. Now, with the increase in the holding amount of short-term holders, the market has once again entered the bull market rhythm, indicating that there may be a significant rise in the future.