$SPY $SONG $QQQ Nobody Wants to Sell BTC, Analyst Says as Bitcoin's On-Chain Activity Limps https://t.co/f9VnhHoU4H $BTC pic.twitter.com/rP9Uhu7QwB
— Jake P. Noch (@Jake_P_Noch) March 25, 2024
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Bitcoin's Unprecedented Value Surge: Investors Stand Firm in Holding Assets!
Tue 26 Mar 2024 ▪
3
min read ▪ by
Getting informed
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Trading
Bitcoin (BTC) has been in a sluggish trend for several days. However, among investors, there’s a tendency to maintain their position on the flagship cryptocurrency. A trend that could continue as bitcoin regains its luster.
Bitcoin Investors in “Wait and See” Mode
Analysts have noted a situation regarding bitcoin’s on-chain activity. It is currently lethargic. In other words, transactions and value movements on the Bitcoin network are currently low.
Data provided by Glassnode show that the average value of on-chain transfers of bitcoin is lower than the peak reached in 2021. That is, during the previous bull market of the flagship cryptocurrency.
This observation suggests that investors are reluctant to sell their bitcoins. In other words, investors are taking a wait-and-see stance regarding their BTC. Instead of selling them, they prefer to hold onto them in anticipation of a potential surge.
Therefore, it appears that despite the significant price drop that the flagship cryptocurrency has recently experienced, investors have retained their enthusiasm and optimism. Especially regarding the short and medium-term potential of bitcoin.
A Substantial Trend Towards Accumulation Observed
If these data generally reveal some optimism about the flagship crypto, another factor tends to reinforce this sentiment. Indeed, several signs suggest that investors who have survived the bear market of 2022 are now accumulating their coins.
In doing so, they are anticipating a new appreciation in the price of bitcoin. As of the latest news, bitcoin is trading around $66,900, representing a 2.80% increase in the last 24 hours.
Analysts have pointed out that the percentage of bitcoin supply lying dormant for three to five years continues to rise. A situation they believe suggests a long-term bullish outlook among investors.
Based on these findings, they envisage a potential rise in the price of bitcoin. It could then achieve a six-figure valuation in the coming months, with projections aiming for a price surpassing $150,000. Many renowned crypto experts share this viewpoint on the flagship cryptocurrency, even if the current performance is mixed.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.