Bitcoin’s Bull Run Backed by Growing Long-Term Holders

For the first time since it hit an all-time high in mid-August, Bitcoin (BTC) has gone back up to $120,000, making participants more positive about the market. However, pseudonymous analyst Avocado_onchain has identified an important aspect to the latest rally: that it’s not only powered by macro conditions and ETF inflows but also by the rising share of long-term holders (LTHs), signaling growing conviction in the number one cryptocurrency’s ￰0￱ Conviction Behind the Climb In a recent assessment for CryptoQuant, Avocado_onchain pointed out that there has been an increase in the number of investors who have been holding their Bitcoin for 18 months to two ￰1￱ participants, who survived the last bear market, are now strategically retaining their assets.

Also, their holding period lines up with the historic approval of ￰2￱ Bitcoin ETFs in January ￰3￱ to the analyst, it means that their patience comes from confidence in this change to the market structure, rather than mere ￰4￱ suggested that the transition from passive endurance to active conviction marks a deeper belief in Bitcoin’s long-term value proposition. “If this trend continues, it signals that more investors are not just holding because of past conditions but are deliberately positioning for long-term growth,” wrote Avocado_onchain. Looking at the current rally, it is supported by a powerful confluence of macroeconomic and regulatory ￰5￱ example, the recent ￰6￱ shutdown and weak economic data, including significant job losses, helped strengthen the cryptocurrency’s appeal as an alternative ￰7￱ the same time, a clarifying policy from the ￰8￱ stated that unrealized Bitcoin gains held by corporations will not be taxed, a move expected to encourage more corporate ￰9￱ was further complemented by substantial institutional inflows, with ￰10￱ Bitcoin ETFs bringing in almost $1 billion in late September, and BlackRock’s fund now having more than $80 billion in ￰11￱ and Price Action Bitcoin is now testing the $120,000 to $122,000 range, which market watchers say is a key turning point that could set the trend for the next few days.

A clean break above would open the door for new record highs, while rejection could pull the asset back toward $100,000. On a technical basis, the asset is up 1.3% in the last 24 hours, nearly 10% on the week, 8% over the past month, and 96% ￰12￱ ahead, some analysts are drawing comparisons to gold’s record ￰13￱ the precious metal hitting $3,900 per ounce this week and historical correlations suggesting an eight-week lag, the experts argue the OG cryptocurrency may be primed for a strong ￰14￱ that pattern holds, forecasts of $150,000 by late October or early November are gaining traction, though most observers agree volatility will remain high.