After the fall last week, while investors were wondering which direction Bitcoin and altcoins will move, a new share came from Philip Swift, the founder of On-chain analysis platform LookIntoBitcoin.
Stating that RHODL (Realized HODL), one of the metrics used in determining the long-term trend, gives a positive signal, analyst Philip Swift said that the uptrend is still solid.
Swift also noted in his blog post that the market is starting to warm up, underlining that according to historical data, BTC is ready to rise.
Emphasizing that the last price drop means a much larger bull trend, the analyst said:
“Retracements = opportunities in bull markets.
The RHODL metric signals positive, showing that the recent price drop in Bitcoin is in the context of a much larger bull trend.
As new money enters the market, the 3-6 month bands of the RHODL metric tend to rise, which means a new bull cycle.”
Pullbacks = opportunities in bull markets.
h/t @cburniske #bitcoin Realized Cap HODL Waves showing that the recent price dip is in the context of a much bigger bull trend.3-6 month band trending up as new money comes back into the market = new bull cycle. pic.twitter.com/Tq04ROW2x6
— Philip Swift (@PositiveCrypto) August 22, 2023
The analyst stated that in December 2022, $15,600 was the bottom of Bitcoin, saying that the market was in the lowest cycle and the RHODL metric was giving a bullish signal for BTC as it is now.
*Not investment advice.
