An explanation of the data above points to the fact that new buyers within the longer UTXO age bands have emerged. This fostered the position for a further long-term HODL and has helped support BTC price action.
However, BaroVirtual mentioned that BTC risks a bearish stance in the mid-term. Although he pointed out that the sell-off might not occur until BTC hits between $30,000 or $33,000 or in unusual circumstances, $37,000 to $40,000 region. The analyst also defended his position by referring to the historically even bearish years and odd bullish seasons. He noted that he doesn’t expect the potential second uptrend to be better than the first quarter, stating:Bitcoin lives in 4-year cycles from one halving to another. An even year is a bear, and an odd year is a bull.
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