Bitcoin Traders ‘Only Halfway’ to Sell BTC After Predicting New $500,000 Price – News Couple

Bitcoin Traders ‘Only Halfway’ to Sell BTC After Predicting New $500,000 Price

A new analysis believes that Bitcoin (BTC) investors will resist selling their coins for much longer and the uptrend will continue.

in a Twitter discussion On October 28, data analyst Mitch Klee provided new evidence that the current uptrend is only 50% complete.

RHODL is asking for more upside

Using the Realized HODL Ratio (RHODL) indicator, created by famous analyst Philip Swift, Klee showed that Bitcoin is still far from the top of the classic signals it provided at the height of previous bull markets.

RHODL is based on the well-known tool HODL Waves, and its increasing volume matches the pace of bull markets – both outperforming simultaneously.

The RHODL ratio shows seller exhaustion, and we’re only halfway there,” he said as part of a Twitter comment

Bitcoin RHODL vs BTC/USD chart. Source: Mitch Klee / Twitter

As Cointelegraph reported, RHODL isn’t alone in calling for an extended end to bull run. Other sources include stock-to-stream model creator PlanB, who believes Bitcoin has a good six months left before it reaches a tipping point.

Bitcoin’s top price should be ‘high

Klee was responding to Pete Rizzo, editor at the Greater Kraken Exchange.

RELATED: Bitcoin Price Drop Matches October 2017 as Bitcoin ‘Blowout’ Predicted Before 2022

On the final episode of the Best Business Show, hosted by Anthony Pompliano, Rizzo called course price peaks “psychological attacks on Bitcoiners.”

“If Bitcoin wants to make a top, it will have to convince some of the bulls who never sell Bitcoin to give up some of their Bitcoin,” he said.

“I am confident that Bitcoin technology can persuade sellers to return to the market, and the price they are doing is likely to be higher than we can currently assume because it is an attack on us.”

Rizzo casually mentioned numbers ranging from $300,000 to $500,000 – “high enough to really impress.”