Bitcoin Price Breaks 31-Month Pattern: Is Rally on Horizon?
Bitcoin's price has been stuck in a sideways trend since June, but new data suggests it may be on the verge of breaking out into a bull market rally.
According to CryptoQuant, long-term holders of Bitcoin have accumulated nearly 16 million BTC, the highest level on record. This is a significant shift from previous market rallies, where these investors gradually sold part of their holdings as prices climbed.
The last bull cycle began in January 2023 and continued until December 2025, with long-term holders selling part of their Bitcoin before buying back even more after the market correction. However, this cycle has taken much longer than before, stretching to 31 months due to factors such as the launch of U.S. spot Bitcoin ETFs and continued buying from institutional investors.
ETF demand remains strong, with U.S. spot Bitcoin ETFs recording $211.49 million in net inflows on August 4. BlackRock's iShares Bitcoin Trust (IBIT) led the gains, with the fund now holding $51.579 billion worth of Bitcoin.
However, CryptoQuant analyst Darkfost noted that Binance's whale inflow ratio has climbed to 0.52, its highest reading in the past four months. This metric tracks how much of Binance's Bitcoin inflows come from large holders, and a rising ratio can signal selling pressure. Nevertheless, similar readings have appeared during both major corrections and market bottoms.
From a technical perspective, Bitcoin continues to trade inside the $62,000-$65,000 range that has contained prices for weeks. Crypto trader The Martini Guy noted that holding above $64,000 could give buyers another opportunity to push prices higher, while losing this support may allow sellers to regain control.