After the new $500,000 price prediction, Bitcoin holders sell BTC “only halfway through”


Bitcoin (Bitcoin) The new analysis believes that investors will refuse to sell their tokens for a longer period of time and the bull market will continue.

in a Twitter debate On October 28, data analyst Mitch Klee provided new evidence that the current bull market is only 50% complete.

RHODL needs more upside

Using the Realized HODL Ratio (RHODL) indicator created by popular analyst Philip Swift, Klee shows that Bitcoin is a far cry from the classic top signal it gave at the peak of the previous bull market.

RHODL is based on the well-known HODL Waves tool, and its scale continues to expand, in line with the accelerated pace of the bull market-and then peaks at the same time.

The RHODL ratio shows that sellers are exhausted, and we are only halfway there,” he said in a Twitter comment

Bitcoin RHODL and BTC/USD chart.Source: Mitch Klee/Twitter

As Cointelegraph Report, RHODL is far from alone in calling for an extension of the end of the bull market. Other sources include PlanB, the creator of the inventory-to-flow model, who believes that Bitcoin has six months before the turning point.

Bitcoin price top must be “high”

Klee is responding to Pete Rizzo, editor of the main exchange Kraken.

related: Bitcoin price decline matches October 2017, but still predicts that BTC will “explode” before 2022

In the most recent episode Best business show, A podcast hosted by Anthony Pompliano, Rizzo called periodic prices a “psychological attack on Bitcoiners.”

“If Bitcoin wants to create a top, it must persuade some’never sell Bitcoin’ bulls to give up some Bitcoin,” he said.

“I am confident in the ability of Bitcoin technology to induce sellers to return to the market, and the price of doing so may be higher than our current assumptions because it is an attack on us.”

Rizzo casually mentioned the figures from Commonplace now US$300,000 to US$500,000-“Awesomely high.”