This current rally is vastly different from our mini bull market in 2019, this time long-term holders are just stubbornly continuing to accumulate instead of selling.

With the current further rally upwards and what seems like a very successful retest of our bear market resistance at $25k just about one week ago, it is clear that we are in a quite similar situation as in 2019 right now. In 2019 BTC finally went up after making its bottom in 2018 and crabbing for weeks to come, quite similar to how we made our bottom during the FTX collapse and crabbed for a weeks to later go up again.

While there are indeed such similarities, there is actually one very crucial difference that changes it all. In 2019 during our rally and roughly after the top of that mini bull market, a ton of long-term holders decided to sell to take profits.

This is not happening at all right now, in fact we are making new All-time highs of long-term holder supply constantly and there seems to be no sign of significant profit-taking of long-term holders even at current higher price levels.

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Chart showing HODL Waves, from MitchellHODL

Here you can have a visual view of that comparison through the HODL waves chart, even further we can see here that the purple chart area is significantly increasing which is the 10-year long-term holder supply. There seems to be especially some conviction from the oldest holders, or just a ton of lost coins.