Bitcoin's 31-Month Pattern Breaks: Analysts See Bull Market Rally Ahead

Bitcoin's price action has been contained within a narrow range of $62,000 to $65,000 for weeks. A recent surge above $64,000 could signal a new bull market rally, according to analysts. One reason behind this optimism is the behavior of long-term holders (LTHs), who have once again started to accumulate BTC after selling part of their holdings during previous market rallies.

According to CryptoQuant, LTHs now control nearly 16 million BTC, the highest level on record. However, this cycle has taken significantly longer than before, stretching to 31 months compared to 8 months in 2013, 17 months in 2017, and around 16 months in 2021.

The delay is attributed to the launch of U.S. spot Bitcoin ETFs and continued buying from institutional investors and new whales. Despite this, the recent surge in LTH accumulation could be a sign that the market is about to turn around. Rising ETF inflows and a $27.36 million short squeeze also suggest that sellers are losing control.