CryptoQuant Analyst Says Bitcoin Is Breaking Out As LTH SOPR Rises Above 1

CryptoQuant analyst CW8900 said Bitcoin is breaking out from a bottom and entering an uptrend as long-term holders' spent output profit ratio, or SOPR, rises above 1. According to ChainCatcher, he said the market has shifted from a bearish phase to neutral, and a broader upward trend has begun. He added that SOPR has not yet exceeded 6 in this cycle, while historical cycle tops usually form in that range. CW8900 said this suggests long-term holders have not yet entered a profit-taking phase and that the real bull market rally has not happened. He said earlier conditions were only preparation for the current move, with long-term holder positions at record highs and still increasing until recently. He expects the true rally to begin now, with the cycle top appearing in the profit-taking zone above SOPR 6.