According to a cryptocurrency analyst, Bitcoin holders continue to accumulate during the price decline, along with short-term holders buying more during the price increase due to FOMO (fear of missing out), creating a "price uptrend melody" for 2025. Long-term Bitcoin holders (LTH) - those who have held their Bitcoin for more than 155 days - their dominance "remains at a high level, signaling strong long-term confidence," said CryptoQuant's IT Tech analyst in a note on January 24. He said: "They continue to accumulate during price declines and strategically take profits during price increases." Holding behavior of short-term holders is setting up a "price uptrend melody" for 2025 Meanwhile, IT Tech said short-term Bitcoin holders - those who have held Bitcoin for less than 155 days - appear more confident in buying when the market is rising, making him more optimistic about the Bitcoin price in the next 12 months. He said short-term holders jumping in the most when Bitcoin prices rise is a sign that they are "participating due to fear of missing out." He said: "Speculative short-term holders will create an uptrend for 2025." Throughout January, the Bitcoin price fluctuated around the psychological $100,000 level, dipping below it a few times but also reaching a new all-time high of $109,000 on January 20, just before the U.S. presidential inauguration. At the time of writing, the average cost basis of long-term holders is $24,639 per Bitcoin, indicating they have over four times in profits, according to Bitbo data. According to CoinMarketCap data, the current Bitcoin price is $104,390. The realized price of short-term holders is $90,541. Checkonchain data shows that 80% of short-term holders have returned to profitability after Bitcoin recovered above $100,000. LTH's profit-taking creates accumulation opportunities Meanwhile, IT Tech explained that the occasional sell-offs by long-term holders are not a cause for concern, as they can "create a healthy pullback, providing new accumulation opportunities," he said. According to a separate analysis on January 24 by CryptoQuant contributor "Crazzyblockk," long-term holders are "largely avoiding significant selling, reinforcing a strong HODLing mentality despite the current market volatility." The analyst said recent on-chain data shows only 18% of Bitcoin deposits to the Binance cryptocurrency exchange came from long-term holders.