Short-term Bitcoin [BTC] holders may drive next bull run- Here’s how

ambcrypto.com:

According to pseudonymous CryptoQuant analyst Crazzy blockk, an assessment of key on-chain metrics suggested that short-term Bitcoin [BTC] holders could be instrumental in driving the next bull run for the king coin if they continue to accumulate and spend less. 

To arrive at this conclusion, the analyst examined BTC’s Spent Output Profit Ratio (SOPR), Adjusted Spent Output Profit Ratio (aSOPR), and Unspent Transaction Output (UTXO) metrics. 

According to the SOPR, ASOPR, and STH-SOPR metrics, short-term holders have been spending their profits. This has led to a surge in BTC accumulation and a reduction in selling pressure in the last few weeks, Crazzy blocck found.

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

He opined further:

“During the coming months, if the short-term holders are interested in accumulating and entering at this level and are not interested in selling in exchanges for price growth, it will be a bullish sign for Bitcoin. These factors usually lead to short-term holders will become long-term holders, according to bitcoin’s past price cycles.”

Source: CryptoQuant

On 24 February, it was reported that in January 2023, the year-on-year increase in the personal consumption expenditure price index (PCE) in the United States accelerated to 5.4%, up from a revised 5.3% increase in the previous month. 

The prices of goods rose by 4.7%, down from 5.1% in December, while the prices of services increased by 5.7%, up from 5.4%. 

The increase in the PCE index by 5.4% year-on-year in January 2023, indicated that prices for goods and services have gone up, which could lead to a decrease in the purchasing power of consumers.

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After the announcement,