Bitcoin [BTC] gives way to bullish sentiment: Bye-bye, bear market?

ambcrypto.com:

For the first time in over two years, the short-term holder realized price of Bitcoin [BTC] has surpassed the long-term holder’s realized price, a signal that has previously marked the end of previous bear markets . 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Per data from on-chain analytics platform Glassnode, the short-term holder realized price was $21,742, while the long-term holder’s realized price for the king coin was $21,334. 

Source: Glassnode

When the short-term holder realized price of BTC exceeds the long-term holder’s realized price, it means that the average profit of people who have recently bought BTC (short-term holders) is higher than the average profit of people who have held the leading coin for a longer period (long-term holders). 

BTC’s historical performance revealed that this had marked the BTC’s transition from a bear market to a bull market three times. 

Further, CryptoQuant pseudonymous analyst Tarekonchain assessed BTC’s Spent Output Profit Ratio (SOPR) and found that the metric sat at a low similar to that which it registered in November 2022. 

Opining that this signaled the re-emergence of a bullish phase, Tarekonchain said,

“It is worth noting that whenever the SOPR reaches a very low level, the bitcoin price starts to rise again. For example, when the price of bitcoin reached $16,000 in November 2022, the SOPR was at a very low level, indicating that many investors were selling their coins at a loss. Today, the SOPR has again reached a similarly low level, which could potentially suggest a bullish sentiment in the market.”

Source: CryptoQuant

Might be well positioned for a sustained rally

According to data from Santiment , as of this writing, BTC’s weighted sentiment was positive at