Analyst: Bitcoin is breaking through the bottom and starting an upward trend, long-term holders' SOPR has risen above 1

CryptoQuant analyst CW8900 stated that Bitcoin is breaking through the bottom and starting a bullish trend. The spent output profit ratio (SOPR) of long-term holders (LTH) is rising above 1, and the market is shifting from a bearish phase to a neutral one, initiating a comprehensive upward trend.

He emphasized that in this cycle, the SOPR has not yet exceeded 6, while historically, cycle tops usually form within this range. This means that long-term holders have not yet experienced a profit-taking phase, and a true bull market rally has not yet occurred. Everything prior has been a preparatory phase for the current upward trend, with LTH holdings at historically high levels and continuing to increase until recently. He believes that the real upward trend is starting now, and the cycle top will appear in the profit-taking range when the SOPR exceeds 6.