Bitcoin On-chain activity is heating up again as long-term Bitcoin holders begin shifting their coins on the blockchain.Analyst João Wedson shared data
Bitcoin
Bitcoin Still Has Room to Run, Say Analysts Watching On-Chain and Macro Trends
On-chain activity is heating up again as long-term Bitcoin holders begin shifting their coins on the blockchain.
Analyst João Wedson shared data showing increased movement from dormant wallets, a behavior that preceded major rallies in 2017 and 2021.
Despite this shift, Bitcoin still trades above key on-chain cost basis models, which typically serve as strong support zones. Wedson believes this suggests were still in a pre-euphoric phase, even as market volatility picks up.
“In previous cycles, BTC remained stubbornly strong well above cost models before true euphoria hit,” he said. “We may still have a few months of opportunity ahead.”
His post included charts from Alphractal that highlight Bitcoins behavior around cost dynamics and realized prices over time—indicators that often reveal underlying market strength.
Retail Impatience Grows—But the Bigger Picture Remains Bullish
Meanwhile, trader Pentoshi addressed a different angle: growing impatience from retail investors. Many are wondering why Bitcoin hasnt exploded higher despite billions in inflows via ETFs and institutions.
“Zoom out,” Pentoshi urged. “Its going to get there—just maybe not always at the speed you want.”
His weekly Bitcoin chart shows a long-term uptrend still very much intact, with higher highs continuing to form. Though price action has paused near $106,000, the broader structure remains bullish.
Key Takeaways:
Conclusion
While Bitcoin‘s pace may not match the crowd’s expectations, the combination of on-chain resilience, macro alignment, and technical structure points to more upside ahead. Long-term holders are repositioning, and seasoned traders are urging patience.
Disclaimer:
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