Analyst: Bitcoin Market Structure Achieves 'Healthy Reset,' Uptrend Could Receive Further Support

2025.09.19 14:32:23

On September 19th, the CryptoQuant analyst Axel Adler Jr. posted on Platform X, indicating that since March, Bitcoin Long-Term Holders (LTH) have witnessed a faster price increase compared to the spot market, thus forming a healthy bullish divergence. The chips purchased at the highs of spring and summer are maturing and entering the LTH group. With their higher cost basis, the realized prices of LTH are boosted. This, in turn, compresses the profit multiples and reduces the risks in case of no price drop. This process implies that the old low-cost chips are gradually being digested, while the new high-cost chips are joining. This leads to a "healthy reset" in the market as the demand from short-term holders absorbs the selling pressure from long-term chips. It is expected that the cycle will be prolonged, and the upward price trend may receive further support.

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