Bitcoin hodlers ‘only halfway’ to selling BTC after new $500K price prediction
RHODL adds to the indicators demanding much more upside for Bitcoin price action before the macro top sets in.
Bitcoin (BTC) investors will resist selling their coins for a lot longer and the bull run will continue, new analysis argues.
In a Twitter debate on Oct. 28, data analyst Mitch Klee delivered fresh evidence that the current bull run is only 50% complete.
RHODL demands more upside
Using the Realized HODL Ratio (RHODL) indicator, created by popular analyst Philip Swift, Klee showed that Bitcoin is still far from the classic top signals it gave at the height of previous bull markets.
RHODL is based on the well-known HODL Waves tool, and its increasing size conforms to bull markets gathering pace — both then top out at once.
“RHODL ratio shows seller exhaustion, and we are only halfway there,” he said as part of a Twitter comment.
As Cointelegraph reported, RHODL is far from alone in calling for an extended end to the bull run. Other sources include Bitcoin Stock-to-Flow model creator PlanB, who believes that Bitcoin has a good six months left before a turning point hits.
Bitcoin price top must “be high enough to wow”
Klee was responding to Pete Rizzo, editor at major exchange Kraken.
In a recent episode of the Best Business Show, a podcast hosted by Anthony Pompliano, Rizzo called cycle price tops “psychological attacks on Bitcoiners.”
“If Bitcoin wants to create a top, it going to have to convince some of the never-sell-Bitcoin bulls to give up some Bitcoin,” he said.
“I’m confident in the Bitcoin technology’s ability to coax sellers back to the market, and the price at which it does so will likely be higher than we can posit currently because it’s an attack on us.”
Rizzo casually mentioned now-commonplace figures ranging from $300,000 to $500,000 — “high enough to really wow.”
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Author: William Suberg