Analyst: Bitcoin market momentum has shifted, marking the 5th historical occurrence of a bull market confirmation signal.

BlockBeats news, September 24: CryptoQuant analyst Darkfost posted that Bitcoin's short-term holder (STH) cost basis has confirmed a crossover above the active long-term holder (LTH) cost basis, indicating a shift in market momentum, based on which he judges that a Bitcoin bull market has been confirmed. This is the 5th time this signal has appeared in history, but he emphasized that the relevant indicator still carries the possibility of misjudgment.

"Active LTH" is defined as long-term held supply that has moved at least once in the past 7 years, in order to exclude BTC that has been dormant for a long time or is unable to circulate. Currently, more than 3.5 million BTC held for over 10 years remain dormant, and this portion of supply increases by about 8,000 to 30,000 BTC per month on average.

Since 2019, this indicator has shown negative growth only once, due to an early miner reactivating and moving about 100,000 BTC, which was a relatively isolated event. Darkfost believes that this signal currently reflects positive changes in the Bitcoin market, with ETF liquidity inflows being one of the driving factors.