Bitcoin Long-Term Holder Share Still High, Signaling Next Bull Run Is Yet to Begin

Bitcoin may still be in the early stage of a bull cycle, with the market's full-fledged rally yet to begin, according to an analysis published on October 27.

Crypto Dan, a digital-asset analyst, wrote on X that strong bull runs have followed whenever the share of Bitcoin held for more than 18 months rose and then started to decline.

He said the market has already shifted into a bull cycle, but a meaningful drop in the share of long-term holdings has not yet fully emerged.

"This is a range where both upside potential and the duration of the rally can be viewed positively," Crypto Dan wrote. "The market is not overheated yet, and the true bull run may not have started."

He added that public interest in crypto investing remains low, and that many investors who are interested are still in wait-and-see mode.