The new analysis claims that Bitcoin (BTC) investors will resist selling their coins for much longer, and this trend will continue.
In a Twitter debate on October 28, analyst Mitch Klee presented further evidence that the current trend is only 50% complete.
RHODL Demands More
Using the Realized HODL Ratio (RHODL) indicator created by renowned analyst Philip Swift, Klee showed that Bitcoin is still far from the top of the classic signals it gave during the height of previous bull markets.
RHODL is based on the well-known HODL Waves instrument and its increasing volume is in line with the pace of the beef market – both deliver better results at the same time.
“The relationship with RHODL shows seller depletion and we’re only halfway there,” he said in a comment on Twitter.
Bitcoin RHODL and BTC / USD chart. Source: Mitch Klee / Twitter
As Cointelegraph reports, it’s not just RHODL that requires a prolonged cessation of bull run. Other sources include the creator of the Bitcoin Stock-to-Flow PlanB model, who believes Bitcoin has a good six months left before it reaches a tipping point.
The highest bitcoin price should be “high enough to surprise.”
Clee responded to Pete Rizzo, editor of the Greater Kraken Exchange.
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In the latest episode of the Best Business Show podcast hosted by Anthony Pompliano, Rizzo described price peaks as “a psychological attack on bitcoin.”
“If Bitcoin wants to reach the top, it has to convince some Bitcoin bulls, who have never sold, to give up Bitcoin,” he said.
“I am confident that Bitcoin technology can convince sellers to return to the market, and the price they will charge for it will probably be higher than we can now assume, because this is an attack on us.”
Rizzo casually mentioned the now popular numbers ranging from $ 300,000 to $ 500,000 – “enough to really impress.”