Analysts: Bitcoin market structure achieves a "healthy reset", and the upward trend may be further supported

According to BlockBeats, on September 19, CryptoQuant analyst Axel Adler Jr posted on the X platform that since March, long-term Bitcoin holders (LTH) have achieved a price increase faster than spot, forming a healthy bullish divergence. Chips bought at high levels in spring and summer are maturing and entering the LTH group, and their higher cost base pushes up the LTH price, thereby compressing profit multiples and reducing risks without falling prices. This process means that old low-cost chips are gradually digested, new high-cost chips are added, and the market achieves a "healthy reset". As short-term holders demand to absorb long-term chip selling pressure, the cycle is expected to be extended, and the price upward trend may be further supported.