Bitcoin (BTC) investors will hold off selling their coins for much longer, and the bull run will continue, argues a new analysis.
In a debate on Twitter on October 28th Data analyst Mitch Klee delivered new evidence that the current uptrend is only 50% complete.
RHODL shows further increases
Using the Realized HODL Ratio (RHODL) indicator created by popular analyst Philip Swift, Klee showed that Bitcoin is still a long way from the mainstream signals it delivered at the height of previous bull markets.
RHODL is based on the well-known HODL Waves tool and, as it grows in size, keeps pace with the bull markets, which then simultaneously peak.
“The RHODL index shows the exhaustion of the sellers and we are only halfway there”, he said in a comment on Twitter.
As Cointelegraph reported, RHODL is far from the only one calling for a longer end to the uptrend. Other sources include the creator of the Bitcoin stock-to-flow model, PlanB, who believes Bitcoin still has a good six months before it hits a tipping point.
Bitcoin’s high price must be “high enough to surprise us”
Klee replied to Pete Rizzo, the editor of Kraken.
In a recent episode of Best business show, a podcast hosted by Anthony Pompliano, Rizzo called the cycle highs “psychological attacks on Bitcoiners”.
“If Bitcoin wants to cap it, it has to convince some of the cops who never sell Bitcoin to give up some Bitcoin.”, called.
“I am confident that Bitcoin technology can convince sellers to get back on the market and the price at which this is happening is likely to be higher than we can currently postulate as this is an attack on us. “
Rizzo casually mentioned the now common numbers between $ 300,000 and $ 500,000, “high enough to really impress us.”