The analyst argues in fact that “bubbles form when the momentum of short-term yields attracts enough money that the composition of investors shifts from mostly long-term to mostly to short term "and, at this moment, the hodlers (that is, those who own the cryptocurrency without buying or selling it) in the short term represent only 17% of the distribution of the offer, a number that is at an all-time low.
The analyst further clarifies the reasons behind the bubble formation, explaining that it is not so much about people who irrationally participate in long-term investments, but those who move am somehow rationally towards short-term trading to capture the momentum it had been feeding on itself.
Another common way to gauge where we are in the current market cycle is to see interest retail in BTC. As previously reported by CryptoPotato, there is still no sign of FOMO (fear of losing) in the market as retail investors are nowhere near as many as they were in May of this year, let alone 2017. we are probably just at the beginning of the climb, a position that would give reason to many other analysts according to which bitcoin could soon reach 100 thousand dollars or, even, 1 million dollars, within a few years.