Bitcoin bull market primed for second breakout and long-term holding profit taking Bitcoin’s current market movements indicate the bull cycle remains underway, according tonalyst at CQ Korea, .ย Posting to CryptoQuant, Danย highlights historical patterns from the 2013 and 2020 cycles, which show two rising phases where long-term investors realized profits twice before reaching a peak.ย Unlike 2017, which lacked a period adjustment, he argues that the present market resembles these earlier cycles more closely.
His chart from CryptoQuant on the Long-Term Holder Spent Output Profit Ratio (SOPR) supports this outlook, showing trends similar to previous bull cycles.
SOPR is a metric to gauge whether long-term holders (those holding BTC for over 155 days) are selling their Bitcoin at a profit or a loss. Values greater than 1 suggest long-term holders are selling at a profit, while values less than 1 indicate sales at a loss.
Dan pointed to global interest rate cuts, which he believes may take several months to over a year to increase market liquidity significantly. However, investor expectations often drive prices ahead of such changes, suggesting potential positive movements by 2025.
Investing with a long-term perspective rather than focusing on short-term fluctuations may lead to more favorable outcomes. The anticipation of increased liquidity and historical cycle analysis indicates continued bullish momentum in the crypto market.
This analysis supports other arguments suggesting the bull market still has room to grow despite its early peak.
Analyst 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
