Bitcoin (BTC) shouldn’t have a problem reaching $100,000 during the current cycle thanks to impressive behavior from hodlers.
In their latest newsletter seen by Cointelegraph, analysts from trading suite Decentrader including Cointelegraph Markets contributor filbfilb sought to allay fears that Bitcoin’s bull run is running out of steam.
HODL Waves stay bullish
Backing their optimism, they said, is data showing that more and more investors are hodling BTC for the long term — one year or more.
Taken from the popular “HODL Wave” indicator, this suggests that there is less desire to sell Bitcoin at short notice at a certain price, providing a solid foundation for further growth.
“The 1Yr+ HODL Wave suggests that Bitcoin should comfortably reach the $100,000 level during this cycle,” Decentrader summarized.
“The greater the amount of Bitcoin being held for a year or longer, the less liquid the supply or potential selling pressure there will be. Typically, if 50% or more of Bitcoin is being HODLed the bull market continues, below this is potentially cause for concern.”
HODL Waves tracks the proportion of the existing Bitcoin according to when it was Title: Tesla confirms Bitcoin hodl strategy as new report says BTC should ‘comfortably’ hit $100K
Sourced From: cointelegraph.com/news/tesla-confirms-bitcoin-hodl-strategy-as-new-report-says-btc-should-comfortably-hit-100k
Published Date: Wed, 24 Mar 2021 08:40:38 +0000