Since the market crash, Bitcoin has been recording new lows and is constantly trying to find support at higher levels. The asset is on the verge of finding a breakout point before the next bitcoin halving event occurs. A halving event happens when the reward of the miner is reduced by half. Bitcoin halving keeps the scarcity of the asset under check making sure that the supply is limited in comparison to the demand.
The bearish market has not discomforted the long-term BTC investors in holding the golden asset. In fact, according to blockchain analytics, these holders have 75% of the BTC holdings and have shown no signs of fear, doubt, or anxiety over the market conditions.
According to an analyst at Crypto Quant, this level of bullishness was last seen in October 2015. The crypto analyst also observed that these long-term investors have lower spending patterns and have held onto the top crypto asset despite the negative market sentiment.
It is also important to note that these investors have seen the bear and bull market phases of crypto. This reading indicates that BTC could potentially rebound to higher levels in the next quarters. The flagship asset will not see a quick breakout in the near term though.
Read more: Bitcoin Price Prediction
Percentage of Bitcoin held by long-term hodlers. Source: CryptoQuant
Crypto Quant’s analysis also revealed that the holders’ bracket has shifted from young less experienced traders to experienced long-term investors. PlanB, for one, recently mentioned that BTC may see a potential pump only after its next halving event which is scheduled to take place in 2024 at block 840,000 on April 22, 2024, 07:19:11 PM UTC.
While Bitcoin has been a safe bet for a lot of crypto investors, ETH and NFTs are becoming really popular amongst investors in the crypto hubs of Hong Kong and Singapore. According to industry reports the drop in BTC’s value combined with the high network hash rate and mining difficulty has left the mining ecosystem in shreds.
A recent news report revealed that the Dogefather, Elon Musk’s firm has kept a massive amount of BTC holdings intact. While this news created a spur of positive sentiment for BTC, another news article mentioned that the firm has lost $170M in the first 9 months of 2022 in Bitcoin investment.
Michaël van de Poppe, founder of Eight Global has shown bullish sentiment on the king asset. According to Poppe, the asset will significantly break out at $30,000 in three weeks.
Within 2-3 weeks, #Bitcoin will break out significantly.
My take is the upside.
My guess is probably $30K.
— Michaël van de Poppe (@CryptoMichNL) October 24, 2022
According to analyst Sam Rule, there is a lot of BTC that can be unloaded as mining pressure on the Bitcoin blockchain continues to tighten. He also shared a detailed spread of the BTC holdings of miners in a Twitter post.
Public #BTC miner holdings for last month. That’s a lot of bitcoin that can be unloaded as mining pressures continue.
Glassnode also estimates large chunk of miner wallet balances to be around 78K BTC worth $1.5B. https://t.co/benk2QSJJl pic.twitter.com/mDzlVq8QCk
— Sam Rule (@samjrule) October 25, 2022
Another interesting fact that has come to light from Charles Schwab’s research is that 46% of Gen Z individuals are showing more interest in adding BTC to their retirement plan and overall investment plan.
One of these long-term ‘hodlers’ is Cathie Wood, the CEO of investment management firm Ark Invest, said she had purchased $100,000 worth of Bitcoin when it was trading at around $250 and that she has not sold it to date.
Source: CryptoPotato, FinBold
Additional Read: Bitcoin HODLed By Tesla Remains The Same In The Third Quarter
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