Analysts: Bitcoin long-term holders' selling behavior is approaching a low point, further strengthening the likelihood of continued gains

On June 18, CryptoQuant analyst Axel Adler Jr wrote, "If we look at the entire group of long-term holders, their current selling operations are close to the lowest level. In essence, long-term holder selling operations have reached the current low point, which corresponds to the classic accumulation stage. In three of the previous four similar cases, this long-term holder behavior has caused bitcoin prices to rise by 18% to 25% over the next 6 to 8 weeks.
The current downturn in the Long-Term Holder Binary Indicator is supported by the positive on-chain days of holding potential and the MVRVZ-score value, which further enhances the likelihood of continued Bitcoin gains. "
Indicator interpretation: A value of 0 for the MVRV Z-score indicates a neutral valuation, and ± 1 represents an extreme level.