Bitcoin hodlers ‘only halfway’ to selling BTC after new price prediction of $ 500,000

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Bitcoin (BTC) investors will resist selling their coins much longer and the bullish race will continue, new analysis shows.

During a Twitter debate on October 28, data analyst Mitch Klee provided new evidence that the current bull run is only 50% over.

RHODL asks for more potential

Using the Realized HODL Ratio (RHODL) indicator, created by popular analyst Philip Swift, Klee showed that Bitcoin is still a long way from the main classic signals it gave at the height of previous bull markets.

RHODL is based on the well-known HODL Waves tool, and its growing size is in line with accelerating bull markets – the two then level off at the same time.

“The RHODL ratio shows vendor burnout, and we’re only halfway there,” he said in a Twitter comment.

Bitcoin RHODL against BTC / USD chart. Source: Mitch Klee / Twitter

As Cointelegraph reported, RHODL is far from alone in calling for a prolonged end to the bull run. Other sources include the creator of the Bitcoin Stock-to-Flow model, PlanB, who believes that Bitcoin has six good months left before a turning point occurs.

The highest price of Bitcoin must “be high enough to impress”

Klee was responding to Pete Rizzo, editor of the great Kraken exchange.

Related: Bitcoin Price Drop Matches October 2017 With BTC ‘Explosion’ Still Planned Before 2022

In a recent episode of the Best Business Show, a podcast hosted by Anthony Pompliano, Rizzo called the cycle’s price highs “psychological attacks on Bitcoiners.”

“If Bitcoin is to create a peak, it will have to convince some of the Bitcoin bulls ever sold to ditch Bitcoin,” he said.

“I am confident in the ability of Bitcoin technology to bring sellers back into the market, and the price at which it does will likely be higher than what we can currently assume because it is an attack on us.”

Rizzo casually mentioned now common numbers ranging from $ 300,000 to $ 500,000 – “high enough to really wow”.

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