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New Report Says Bitcoin Price Can Easily Reach $100,000

Bitcoin (BTC) should not have a problem reaching $100,000 in the current bull market, thanks to the impressive behavior of hodlers.

Analysts from trading suite Decentrader, including filbfilb, tried to allay the fears of investors that the Bitcoin bull market is running out of steam.

HODL Waves give positive signs

The positive view of analysts is backed by data showing that more and more investors are making long-term BTC investments.

The “HODL Waves” indicator reveals that investors are not interested in selling Bitcoin at the current price level.

Decentrader summarized that the ” HODL Waves data for more than a year shows that Bitcoin can easily reach $100,000 in this bullish cycle.”

The higher the amount of BTC saved for a year or more of investment, the less liquid supply and potential selling pressure will be. If 50% or more of the Bitcoin supply is accumulated, the bull market generally continues.

HODL Waves tracks the current Bitcoin supply based on when they were last traded. According to the indicator, those who bought BTC in the 2017 bull market have largely held their positions despite making substantial profits.

Bitcoin HODL Waves chart. Source: Unchained Capital

Exchanges reserves continue to decrease

Currently, approximately 36% of the circulating Bitcoin supply is made up of “younger” cryptocurrencies that have been moved in the past six months.

On the other hand, exchange data reveals that Bitcoin reserves have continued to decrease in March.

Bitcoin reserves of exchanges and BTC/USD. Source: Tradingview

Even miners appear to increasingly prefer to hold their BTC rewards, according to the figures from on-chain analytics service Glassnode. The data shows that net miner positions have turned positive for the first time this month.

Commenting on this behavior, the CEO of MicroStrategy Michael Saylor said:

Tesla CEO Elon Musk recently announced that the company will start accepting Bitcoin payments and that the bitcoins obtained will be retained and not converted into fiat currency.

According to Bitcointreasuries.org data, Tesla currently holds an estimated 48,000 bitcoins.

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

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