Bitcoin Emerges from Bottom as Analyst Predicts Major Rally

Bitcoin has emerged from its bottom range as a sustained upward rally begins, according to cryptocurrency analyst CW. He explained that the SOPR (Sales of Profitable Holdings) metric for long-term holders (LTH) recently rose above 1, indicating an upward trend. The market has shifted from a bearish phase to neutral territory, signaling the start of a genuine upward movement.

CW added that this cycle's LTH SOPR hasn't reached 6 yet, whereas previous cycles peaked around that level. Therefore, significant profit-taking by long-term holders hasn't occurred, meaning the true rally has not yet begun from a cyclical perspective. He noted Bitcoin's movements so far have been preparatory for the main rally, with long-term holder holdings at all-time highs and accumulation continuing until recently. CW concluded that the real upward surge is expected to come soon.