Bitcoin: Long-Term Holders Return to Accumulation - Glassnode and CryptoQuant Forecasts
After a sharp sell-off at $100,000, the number of Bitcoins held by long-term investors started to grow. Similar changes were recorded by Glassnode.
After a sharp sell-off to $100,000, the number of Bitcoins held by long-term investors started to grow. Similar changes were recorded by Glassnode.
Also, Long-Term Holders (LTH) show signs of returning to accumulation. After a steep sell-off at $100k, LTH supply is now trending upward. A similar trend was observed after the intra-cycle local top in March last year: https://t.co/34IggK0Gr8pic.twitter.com/0s0J0dQYij
According to experts, a similar trend was observed after the local peak within the cycle in March last year.
The Coin Days Destroyed (CCD) indicator confirmed a decline in the activity of long-term holders (hodlers). According to analysts, the market will need new catalysts to 'unlock' supply. The volume of coin transfers to centralised platforms decreased by 54% from USD 6.1 billion to USD 2.8 billion. Deposits by hodlers dropped 83%, from $527 million to $92 million.
Meanwhile, #BTC's market-wide exchange inflows have dropped from $6.1B to $2.8B (-54%). LTH deposits fell even more, from $527M to $92M (-83%), signalling reduced speculative activity: https://t.co/8aZ0cZXeQFpic.twitter.com/JV1dnQeoK2
Experts have also reported strong demand for the first cryptocurrency from retail investors. So-called 'shrimps' and 'crabs', with balances of up to 1 BTC and 10 BTC respectively, have taken up 25,600 BTC in the past month, outpacing the asset's issuance by 1.9 times.
CryptoQuant came to similar conclusions about reduced selling pressure from long-term investors.
"The market is gradually adapting to the new price levels, creating more favourable conditions for further consolidation and the achievement of the next target," the report says.
The Sell-Side Risk Ratio metric showed a significant decrease in selling activity. This indicates that most of the trades planned to make profit or loss have already been completed.
Although the current indicator remains slightly above its long-term averages, its weakening signals a readiness for the next phase of volatility," the experts concluded.
Update
Analysts did not support Glassnode's view regarding demand from retail investors. According to CryptoQuant, it remains low, which is a good sign for continued growth.
Remember that, according to 10x Research, in February the value of the first cryptocurrency will reach $122,000 before "another consolidation phase".
10x Research Names Bitcoin's Target in February
In February, the value of the first cryptocurrency could reach $122,000 before "another consolidation phase".
This is according to a report by 10x Research. The chances of a continuation of the rally will not disappear: if the pattern is confirmed, Bitcoin will continue to rise after a pause, followed by a return to $122,000 to test the level as support. According to experts, this target stems from the typical price movement of 'digital gold' in increments of $16,000 to $18,000.
On 21 January, Bitcoin tested the breaking line of the wedge pattern at $98,937, bouncing up to $107,000. In this area, an optimal entry opportunity was formed with low risk and high profit potential, according to experts.
The current breakout of the $106,000 level confirms the relevance of this scenario, pointed out 10x Research. Recall that in September, Okse investor and co-founder Elja had pointed to signs of an 'explosive move' in the $100,000-150,000 range by the first quarter of 2025, thanks to the formation of a 'cup with handle' pattern.
In January, technical analyst Peter Brandt pointed to a value between $120,000 and $150,000 as the benchmark for the first cryptocurrency in 2025.
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After a sharp sell-off to $100,000, the number of Bitcoins held by long-term investors started to grow. Similar changes were recorded by Glassnode.
X
According to experts, a similar trend was observed after the local peak within the cycle in March last year.
The Coin Days Destroyed (CCD) indicator confirmed a decline in the activity of long-term holders (hodlers). According to analysts, the market will need new catalysts to 'unlock' supply. The volume of coin transfers to centralised platforms decreased by 54% from USD 6.1 billion to USD 2.8 billion. Deposits by hodlers dropped 83%, from $527 million to $92 million.
X
Experts have also reported strong demand for the first cryptocurrency from retail investors. So-called 'shrimps' and 'crabs', with balances of up to 1 BTC and 10 BTC respectively, have taken up 25,600 BTC in the past month, outpacing the asset's issuance by 1.9 times.
CryptoQuant came to similar conclusions about reduced selling pressure from long-term investors.
"The market is gradually adapting to the new price levels, creating more favourable conditions for further consolidation and the achievement of the next target," the report says.
The Sell-Side Risk Ratio metric showed a significant decrease in selling activity. This indicates that most of the trades planned to make profit or loss have already been completed.
Although the current indicator remains slightly above its long-term averages, its weakening signals a readiness for the next phase of volatility," the experts concluded.
Update
Analysts did not support Glassnode's view regarding demand from retail investors. According to CryptoQuant, it remains low, which is a good sign for continued growth.
Remember that, according to 10x Research, in February the value of the first cryptocurrency will reach $122,000 before "another consolidation phase".
10x Research Names Bitcoin's Target in February
In February, the value of the first cryptocurrency could reach $122,000 before "another consolidation phase".
This is according to a report by 10x Research. The chances of a continuation of the rally will not disappear: if the pattern is confirmed, Bitcoin will continue to rise after a pause, followed by a return to $122,000 to test the level as support. According to experts, this target stems from the typical price movement of 'digital gold' in increments of $16,000 to $18,000.
On 21 January, Bitcoin tested the breaking line of the wedge pattern at $98,937, bouncing up to $107,000. In this area, an optimal entry opportunity was formed with low risk and high profit potential, according to experts.
The current breakout of the $106,000 level confirms the relevance of this scenario, pointed out 10x Research. Recall that in September, Okse investor and co-founder Elja had pointed to signs of an 'explosive move' in the $100,000-150,000 range by the first quarter of 2025, thanks to the formation of a 'cup with handle' pattern.
In January, technical analyst Peter Brandt pointed to a value between $120,000 and $150,000 as the benchmark for the first cryptocurrency in 2025.
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