Bitcoin HODLers Not Selling, Will Number Break Record Highs?
19 Settembre 2023 - 9:00PM
NEWSBTC
The latest Glassnode data on September 18 shows that the percentage
of Bitcoin supply held by long-term holders is close to an all-time
high of approximately 76%. The expansion comes when the broader
crypto market is recovering after crashing in recent weeks. The
fact that the amount of coins owned by long-term holders is
increasing could indicate a positive shift in sentiment. Long-term
holders differ from speculators, who predict and gamble on price
fluctuations for financial gain. Long-term holders are individuals
or organizations that have kept their coins for at least 155
days. According to Glassnode, a blockchain analytics
platform, the chances of these entities not spending after holding
them for at least five months, is lower. Long-term holders,
commonly known as “diamond hands,” can support crypto prices by
removing coins from circulation. More Entities HODLing Bitcoin is
inherently deflationary, and only 21 million coins will ever
circulate. However, with mining, coins will be continuously added
to circulation until all 21 million are mined by 2140. Presently,
there are 19.49 million coins in circulation, of which a
significant chunk is considered lost or irrecoverable.
Related Reading: Ripple CTO Explains Company’s Stance On Debunking
Outrageous XRP Price Predictions Satoshi Nakamoto, the United
States government, and public companies like MicroStrategy hold
another portion. According to public data, MicroStrategy, a
business intelligence firm, is a publicly traded company HODLing
the largest amount of Bitcoin. As of September 19, the firm had
bought 152,800 BTC, roughly 15% of the total amount believed to be
controlled by the Bitcoin founder, Satoshi Nakamoto. Bitcoin Adds
10%, Bulls Optimistic When writing, Bitcoin is up roughly 10% from
September lows, recovering steadily from around the $25,200
support. Despite the uptrend and bulls gaining momentum, the path
of least resistance, looking at the candlestick arrangement from a
top-down preview, is bearish. Related Reading: Shiba Inu Team
Member Reveals What Investors Should Do If They Want SHIB Burns
Based on technical analysis, Bitcoin prices are still influenced by
the August 17 bear bar, the conspicuous bear candlestick with high
trading volumes and wide-ranging that forced prices below
$28,000. Overall, Bitcoin prices are boxed within the June to
July 2023 trade range, and buyers stand a chance as they bounce
from key Fibonacci retracement levels. Presently, the medium-term
buy target is $31,800 or July 2023 high. Still, it is yet to be
seen how prices will react in the days or weeks ahead. When prices
trend higher, BTC HODLers will likely increase as more aim to ride
the uptrend before taking profits. Meanwhile, investor sentiment
could fall if prices pull back from spot rates, crumbling below
$25,000 primary support. Feature image from Canva, chart from
TradingView
Grafico Azioni Ripple (COIN:XRPUSD)
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Grafico Azioni Ripple (COIN:XRPUSD)
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Da Ago 2023 a Ago 2024