Maartunn, one of the active analysts at the CryptoQuant platform, recently pointed out in an article that the share of long-term holders (over 6 months) of Bitcoin supply has reached 75%; A level that has not been seen since 2015.
To Report For CryptoPotato, it is particularly important to examine the sentiments of long-term investors; Because this section of holders are known as experienced market participants and are people who have gone through various stages and events in the digital currency market.
These holders are generally and statistically less inclined to move or sell their holdings, Marton says, and consistently support bitcoin strongly across various market and price conditions.
Bitcoin has been stuck in a bearish cycle for the past few months, and an exit from this situation does not seem likely, at least in the short term.
The chart above also shows that Bitcoin circulation units are being transferred from new investors to long-term holders.
Other experts feel the same about Bitcoin continuing to fluctuate below the $20,000 level for a relatively long time. PlanB, creator of the popular stack-to-flow (S2F) model, says Bitcoin will likely experience its first significant bounce after the next halving in early 2024.
On the other hand, the low price of Bitcoin, along with the increase in hash rate and the difficulty of mining, has made the conditions of the mining industry very difficult.
Michael van de Poppe (Michaël van de Poppe), the founder of trading group Eight (Eight), still has a positive view of the future of Bitcoin. He predicts that Bitcoin, despite its low volatility in recent weeks, could experience an upside breakout in the next 2-3 weeks and reach $30,000.