Bitcoin ($BTC) has again become the center of attention across the crypto market with the latest holder behavior. In this respect, the big $BTC holders are reportedly closing their leveraged long positions. As per the data from “That Martini Guy ₿,” this scenario historically takes place ahead of massive bullish rallies. Thus, the market onlookers are keenly watching for the potential outcomes of this market outlook.
Bitcoin Signals Imminent Bull Run as Large $BTC Holders Begin Closing Leveraged Longs
As the on-chain data puts it, the large holders of Bitcoin ($BTC) are taking a radical step of closing long leveraged positions. The respective development is significant in line with its timing. Specifically, such a move often occurs before a huge bull rally. Additionally, Bitcoin’s ($BTC) trajectory during the past 2 cycles presents a similar scenario. 1st of these instances took place between October and November in 2024. At that time, $BTC/USD jumped by 57.35% over forty-three days, raising almost $38,771 Bitcoin’s value.
Following that, the second instance took place between April and May last year. Hence, the price rallied by 46.69% over forty-four days, resulting in gains of over $35,649. This reaffirms the pattern of notable price hikes following the closure of big leveraged $BTC long positions.
Price Consolidation Below $91K Threshold Further Fuels Bull Rally Speculation
At the moment, Bitcoin ($BTC) is changing hands at $90,673, below the $90K threshold, as witnessed in the previous price rallies. Keeping this in view, there is a high chance for the flagship crypto asset to enter a bull market in the near term. Nevertheless, whether the current closure of leveraged longs leads to a bullish trajectory or not remains to be seen, as uncertainty remains.
Source: https://blockchainreporter.net/bitcoin-whales-reduce-leveraged-positions-market-eyes-bullish-upside/
