[Analysis] "Bitcoin Holding Period Decreasing... Potential for New All-Time High This Week"

There is speculation that the price of Bitcoin (BTC) could reach a new all-time high this week.

On-chain analysis platform Santiment stated on its official X account on the 23rd (local time), "Bitcoin's new all-time high (ATH) is approximately $111,900," adding, "There is a high possibility that this record will be broken during the remaining days of this week."

Santiment cited the 'average holding period' as the basis for this outlook. Santiment analyzed, "Historically, one of the strong indicators that a cryptocurrency has entered a bull market is the shortening of Bitcoin's average holding period," and noted, "Since the 16th of last month, the average holding period on the Bitcoin network has decreased from 441 days to 429 days." Santiment stated, "If the whales (large investors) who have been holding still so far start circulating Bitcoin back into the market, the network's average holding period will continue to decline, providing evidence that the unprecedented bull market remains valid."