New analysis suggests that Bitcoin (BTC), investors will not sell their coins for much longer. The bull run will continue.
On Oct. 28, Mitch Klee, a data analyst, presented new evidence to show that the bull run is only half-complete in a Twitter debate.
RHODL demands more upside
Klee used the Realized HOLD Ratio (RHODL), an indicator created by Philip Swift. It showed that Bitcoin is far from the top signals it gave during the peak of bull markets.
RHODL is based upon the well-known HODL waves tool. Its increasing size corresponds to bull markets gathering speed — both then top off at once.
He said, as part of a tweet comment: “RHODL ratio indicates seller exhaustion. And we are only halfway there.”
Chart of Bitcoin RHODL vs. BTC/USD Source: Mitch Klee/Twitter
Cointelegraph reported that RHODL is not the only one calling for a prolonged end to the bull market. PlanB, the creator of Bitcoin Stock-to Flow model, believes that Bitcoin still has six months to go before a turning point occurs.
Bitcoin top price must “be high enough for people to be amazed”
Klee was responding a Pete Rizzo editor at major exchange Kraken.
Related: Bitcoin price dip corresponds to October 2017, with Bitcoin ‘explosion’ still forecasted before 2022
Rizzo claimed that the top “psychological attacks” on Bitcoiners were made by cycle price in a recent episode titled The Best Business Show.
He stated that Bitcoin must convince some never-sell-Bitcoin bears to give up some Bitcoin if it wants to build a top.
“I am confident that the Bitcoin technology will be able to coax sellers to the market. The price it sets will likely be higher than what we can currently posit because it is an attack on ours.”
Rizzo casually mentioned the now-commonplace figures of $300,000 to $500,000 — “high sufficient to really wow.”