[Analyst Says Bitcoin Experienced a Crash-Like Sell-Off in 2025, May Consolidate and Bottom Out in Q1-Q2 This Year] On January 10, analyst Biraajmaan Tamuly stated that Bitcoin long-term holders went through the most aggressive sell-off phase in 2025, with on-chain data indicating that the pressure may have subsided. From November 15 to December 14, 2025, long-term holders sold 1.14 million BTC, marking the largest 30-day distribution peak in over five years. Since December 2025, the supply held by long-term holders has remained around 13.6 million BTC, and Bitcoin's price has entered a sideways range. Tamuly believes that the first to second quarters of this year may serve as a consolidation and bottoming-out period, with sustained upward momentum potentially beginning in the third quarter.