Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report Firstly, Bitcoin’s short-term holder MVRV ratio is now
re-approaching 1.0, meaning its unrealized profit and loss have reached a break-even point.
This level can serve as support after a bull market dip, but also major resistance during bear markets when most Bitcoin holders
are underwater. “Little undercuts are good,” said Check. “In 2023 we had
several of these retests. If we assume this is a resilient uptrend, we should expect the
short-term holder cost basis to hold, somewhere in that
$58,000 to $59,000 region. “ Similarly, short-term holder
SOPR has also recently dipped beneath 1.0, meaning that short-term holders are now beginning to realize more losses than profits. Should SOPR fall significantly under this level without resurfacing, it may be a sign of a
sustained bear market to come. As of this week, short-term holders realized losses have spiked substantially – a sign that
new buyers were panic selling at a loss amid news of rising conflict between Iran and Israel. “This is essentially what you do want to see, as a contrarian,
” Check added. “As a contrarian, you kind of want to see people doing the
wrong thing at the wrong time.”
