Bitcoin (BTC) short-term holder P/L ratio bottomed last November…sufficient upside potential
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Summary
- According to Glassnode data, Bitcoin's short-term holder P/L ratio fell to levels seen at major cycle bottoms in November last year.
- The current short-term holder P/L ratio is 0.45 and has not yet reached 1, but this is interpreted as a signal that BTC has ample medium-term upside potential.
- The resolution of short-term holders' loss positions is said to be creating an environment for reduced selling pressure and the formation of a new upward trend.
Bitcoin (BTC) has already formed a bottom in November last year according to technical indicators, and analysts say there is ample room for further upside.
On the 6th (local time), according to crypto asset (cryptocurrency) specialist media CoinDesk, based on Glassnode data when BTC price plunged to around $80,000 in November last year, the short-term holder profit/loss ratio (Short-Term Holder P/L Ratio) fell to as low as 0.013. This is similar to levels observed during past major cycle bottoms in 2011, 2015, 2018, and 2022.
Since then, BTC recovered to around $94,000 earlier this year, and the short-term holder P/L ratio rose to 0.45. CoinDesk explained, "Historically, after this indicator has exceeded 1, a strong rally has often unfolded," and added, "Although it has not yet reached 1, even looking at the current level alone, it can be interpreted as a signal that BTC has ample medium-term upside potential."
The outlet also added, "The fact that short-term holders' loss positions are being resolved means that an environment is being created in which a new upward trend can form, along with a reduction in selling pressure."
