Bitcoin is on the verge of breaking its all-time high, and investors feel the euphoria as BTC approaches a pivotal point. Market anticipation is building, with many expecting a strong surge once BTC enters price discovery and moves into uncharted territory.

Critical data from Glassnode reveals an interesting sentiment among long-term holders: despite the rally, they aren’t showing typical signs of greed. Instead, the BTC Net Unrealized Profit/Loss (NUPL) indicator signals “belief,” suggesting confidence in a sustained uptrend without the irrational exuberance often seen at market tops.

The next few days will be critical for Bitcoin, marking the most crucial moment in this cycle. A decisive break above its all-time high could set off a massive bull run, lifting the entire crypto market. 

This phase would likely trigger increased demand from retail and institutional investors, fueling momentum for Bitcoin’s next major move. With the market poised at this critical juncture, all eyes are on BTC as it prepares to redefine new highs and potentially kickstart the next wave of the bull market.

Bitcoin LTHs Want More Upside Before Taking Profits

Bitcoin is exhibiting signs of a bullish continuation as it approaches its all-time highs, with the upcoming US election adding to the excitement in the market. Top analyst Ali Martinez has provided valuable insights based on data from Glassnode, highlighting that long-term BTC holders are not yet displaying signs of greed. 

This sentiment is crucial as it indicates the market has not reached a euphoric state that typically precedes a market top.

Martinez presented the Bitcoin Net Unrealized Profit/Loss (NUPL) chart, which measures the total paper profits or losses investors hold. Currently, the NUPL indicator is situated in a belief–denial phase, suggesting that the market sentiment is cautious optimism rather than rampant speculation.