The latest on-chain data indicates that Bitcoin's long-term holders are exhibiting a trend similar to what was observed in 2021 and 2017, potentially signaling a peak for the current bull run. Long-term holders, who have been holding their coins dormant for over 155 days, are considered the market's resolute hands. However, the recent price surge towards a new all-time high has even prompted these holders to sell, leading to a downtrend in their supply.

The indicator, which has a 155-day delay when it comes to buying, suggests that the latest decline corresponds to a selloff that has been occurring in the present. This trend is reminiscent of the 2021 and 2017 bull runs, where long-term holders sold off their coins, leading to a peak in the market.

Recently, as the Bitcoin price has stagnated, long-term holders have slowed down their selling, with the supply moving sideways. This raises questions about whether the latest trend shift in the Bitcoin long-term holder supply corresponds to the former or latter phase of the bull run.

At the time of writing, Bitcoin is trading around $62,700, down almost 2% over the past week. This decline has sparked concerns among investors, who are now wondering if the bull run is coming to an end.

The on-chain data suggests that long-term holders are becoming increasingly active, selling off their coins and contributing to the decline in price. This trend is similar to what was observed in previous bull runs, where long-term holders sold off their coins, leading to a peak in the market.

If the current trend continues, it is possible that the Bitcoin bull run may be coming to an end. However, it is also possible that the market may experience a resurgence, driven by new investors and increased adoption. Only time will tell if the latest trend shift in the Bitcoin long-term holder supply corresponds to the former or latter phase of the bull run.

Investors are advised to keep a close eye on the on-chain data and market trends, as the situation continues to evolve. The next few weeks will be crucial in determining the direction of the market, and investors must be prepared for any eventuality.