Notable on-chain analytics company Glassnode is indicating that recent metrics point to Bitcoin (BTC) approaching the conclusion of its bull market.
In a post on the social media platform X, Glassnode examines the RHODL Ratio, which they claim is instrumental in identifying shifts in Bitcoin’s market cycle by contrasting the number of mid-cycle holders—those retaining their coins for six months to two years—with new entrants—those holding for one day to three months.
According to Glassnode, a high ratio typically occurs near market bottoms, whereas a low ratio, or a surge of new entrants, aligns with market cycle peaks.
“Currently, the ratio is trending down towards levels historically observed during late-stage bull runs. While it is not at absolute lows, this indicates increased short-term participation—a behavior often observed right before cycle peaks. If the ratio continues to drop and then recovers, it could signal a market turning point.”
Several leading analysts remain optimistic that another upward movement is still possible for BTC’s bull run.
During a recent strategy session, pseudonymous analyst DonAlt shared with his 65,700 YouTube followers that BTC bears had multiple opportunities to push prices down in the recent weeks following President Donald Trump’s revival of trade war discussions and ideas about annexing certain countries.
The strategist noted that any of these headlines could have triggered a stronger Bitcoin correction. However, DonAlt believes that the fact BTC is still trading above $90,000 in spite of a wave of negative news indicates that Bitcoin is poised for higher price levels.
“I’m not bearish. I have a strong feeling this will resolve positively, but I do acknowledge that as long as we remain below $101,000 or under the weekly mid-range [around $98,000], technical analysis (TA) leans slightly bearish.”
“Nonetheless, I don’t find it very conclusive, especially when considering how robust the uptrend has been and how mild the sell-off has been despite Trump’s recent remarks about tariffs, discussions regarding annexing Canada and Greenland…”
“If you made a list of such events, and had asked me two or three years ago, ‘How are the markets looking?’ I would have thought, ‘Everything is done.’”
“However, it’s worth noting that nothing has transpired. There’s been barely any sell-off, making it difficult for me to adopt a strongly bearish stance. Generally, I think it’s prudent to stay neutral and wait for the momentum or to maintain a bullish outlook, even if current TA signals aren’t overtly bullish.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transactions and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Note that The Daily Hodl is involved in affiliate marketing.
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