According to new research by analytics firm Glassnode, Bitcoin is currently in a "transition" phase that could lead to the next bull market top. On-chain metrics suggest that a long-term BTC price bottom has already been reached, despite doubts and downside targets. Glassnode has unveiled a new tool for tracking sentiment among long-term holders (LTHs) of BTC, who are currently in a "transition" phase towards a state of "equilibrium" before the next BTC price cycle top. The short-term holder (STH) cohort, corresponding to more speculative investors, is also being monitored.
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