Bitcoin reached a new all-time high yesterday at $90,243, fueled by a week of intense buying pressure. This latest surge has sparked excitement across the crypto market, with many speculating that the next target could be even higher. 

However, as BTC approaches this milestone, we may see a brief consolidation phase before the next upward push. Key data from Glassnode reveals a surprising insight: long-term holders show no signs of extreme greed or aggressive profit-taking despite the rapid price appreciation.

This cautious optimism among long-term holders suggests that they see this rally as the start, not the peak, of a larger bullish phase. Unlike previous euphoric highs, where investors raced to lock in profits, the current sentiment reflects measured confidence in Bitcoin’s potential for sustained growth. 

Analysts are watching closely to see if BTC can establish new support around $90,000, setting the stage for further gains. As BTC consolidates near this level, market sentiment indicates that the rally could have significant room to grow, especially if long-term holders remain steady.

Bitcoin Rally Starting

Bitcoin has officially entered its expected bullish phase after a prolonged 8-month period of sideways consolidation and selling pressure.

The price has surged by 20% above its previous all-time high set in March and is now testing uncharted territory. This breakout has sparked optimism in the market, with many anticipating that Bitcoin’s price could continue to rise as it moves further into price discovery.

Key data shared by Glassnode and crypto analyst Ali Martinez on X reveals some crucial insights into the current market sentiment. Despite BTC’s impressive price movement, long-term holders are not yet showing signs of extreme greed, suggesting that the market is still in the early stages of this bullish phase. 

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Author: Sebastian Villafuerte