Bitcoin (BTC) is more at the beginning of a new bull market than at any other time since 2016, according to new data for investors.
Posted by Phillip Swift, the inventor of the Look Into Bitcoin surveillance feature, Data shows that 60% of Bitcoin supply has not been removed from your wallet in over a year.
Analyst sees “significant hodling”
The last time such a large amount of supply remained stationary for so long was in 2016, just before the start of the rise, that brought BTC / USD to $ 20,000.
Looking at the attached Swift diagram There is a close relationship between the inactive supply quantity and the subsequent price movement upwards.
Swift himself commented Twitter::
60% of all bitcoins have not been on the blockchain for at least 1 year. This is an indication of significant hodling. The last time this happened was in early 2016, at the beginning of the bullish rise.
Bitcoin Hodl waves diagram. Source: Look at Bitcoin
Does the Hodler “madness” continue?
The graphic shows movement patterns of Bitcoin supply, known as “Hodl waves”. The 60% mark indicates this Bitcoin is the best point of its current “wave” for long-term investors.
As reported by Cointelegraph in March, similar data from Unchained Capital have already shown this Those who bought BTC at $ 3,100 in 2018 also keep their investment..
The number of approximately 60% was maintained for almost six months of this cycleAt that time, a popular Twitter commentator described his actions as “crazy”.