- 75% of the existing Bitcoins have remained unmoved for over six months.
- Investors’ behavior reflects bullish sentiment for BTC.
- Bitcoin’s current price reflects a 38% profit for the year.
Bitcoin hodlers are playing the long game, with 75% of the supply remaining unmoved for over six months, signaling bullish sentiment among investors. Interestingly, this also coincides with a period in the first quarter of 2024 when BTC traded around $60,000.
Bitcoin experienced a surge after that, continuing a rally that began in the third quarter of 2023. This additional surge pushed Bitcoin’s price to a new all-time high of $73,794 before entering a consolidation phase.
To put it in perspective, Bitcoin has traded between $50,000 and $70,000 for the past six months. However, the flagship crypto has spent most of this time trading below the $60,000 level. Hence, analysts think the bulk of the BTC that remained unmoved during this period could be from investors anticipating the cryptocurrency to move higher.
It is worth noting that most crypto traders use holders’ behavior to analyze the market and predict the dominant sentiment among big-time investors. In the cited case, with 75% of the total Bitcoins unmoved for such a period, traders suspect a few scenarios, including the possibility of most investors being ‘out-of-the-money’ and waiting for BTC to reclaim higher prices.
Yet another scenario suggests the investors might be ‘in-the-money’ following the preceding rally, expecting the pullback to be temporary and Bitcoin’s price could continue upward soon. Whichever way, traders consider significantly high holding values a bullish signal in the crypto market.
TradingView’s data shows that Bitcoin traded for $58,658 at the time of writing, slightly lower than its value six months ago. However, it rebounded from a pullback earlier this month that saw the pioneer cryptocurrency decline to $49,577 amid significant selling pressure.
Despite the recent pullback, Bitcoin maintained a bullish sentiment, with most traders expecting the upward movement to continue. BTC’s current price reflects a 38% profit for the year despite falling 20% short of its all-time high.
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