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Bitcoin Investors Have Increased Their Long-Term Savings Like Never Before!

After breaking a record high above $58,000 on February 21, Bitcoin (BTC), experienced a sharp correction that saw the price drop to $43,000. However, on Tuesday, March 2, the BTC price rose again as the bulls pushed the price above $50,000.

One indicator, in particular, reveals that investors expect this upward trend to continue.

Jan Happel and Yann Allemann, co-founders of on-chain analytics provider Glassnode, discussed Bitcoin’s liquid supply change in their March 1 post.

Sharing a chart showing that the liquid BTC supply is gradually decreasing, the co-founders stated:

Liquid #Bitcoin Supply Change during major pullbacks this bull run vs 2017. Float in the network keeps decreasing, no matter if price goes up or down — this just indicates the insane amount of hodling and confidence right now.

Liquid BTC supply change. Source: Jan Happel and Yann Allemann / Twitter

The liquid supply change is not the only indicator that gives positive signals about the bitcoin price. Bitcoin’s output rate of return (SOPR) indicator has also turned negative for the first time since September 2020. This means that the majority of investors are trading Bitcoin with a slight loss. Analysts interpret this as the end of the profit-taking process.

According to Glassnode’s data published on February 26, miners also stopped selling BTC for the first time since December 27 and started to accumulate. Institutional investors as well as miners also see it as an opportunity to buy, rather than worry about the correction.

Business intelligence giant MicroStrategy, one of these institutional investors, bought 19,452 BTC, worth over $1 billion, at an average of $52,000 on February 24. The company announced once again yesterday that it purchased another $15 million worth of BTC, taking advantage of the Bitcoin price correction.

One of the leading names in the industry, the famous analyst PlanB, thinks that Bitcoin closed in February at $45,240, performing exactly in line with the stock flow model developed by him. The analyst targets between $100,000 and $288,000 for the year-end BTC price.

Bitcoin, which is down 1.61% in the last 24 hours, is being traded at around $47,745 as of the time of writing this article.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity News https://bit.ly/2OA2lVq

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