Bitcoin price analysis: BTC could have major upside according to one metric

The ratio between short-term holder supply in profit and short-term holder supply in loss reached an extreme low of 0.013 on November 24th, aligning with historical bear market bottoms in 2011, 2015, 2018, and 2022. Short-term holders are defined as those holding BTC for less than 155 days. At the November trough, short-term holder supply in loss surged to 2.45 million BTC. Since then, Bitcoin has rallied to about $94,000, and the ratio has improved to roughly 0.45. Historically, when this ratio approaches 1, Bitcoin enters a sustained upside phase, suggesting significant expansion room remains as the current ratio is below 0.5%. Market tops have typically occurred when the ratio rises toward 100.

(Source：CoinDesk)