Bitcoin Signal That Flashed Before 4,500% Parabolic Rally Is Back, Reports Crypto Intelligence Firm Glassnode
Crypto

Bitcoin Signal That Flashed Before 4,500% Parabolic Rally Is Back, Reports Crypto Intelligence Firm Glassnode

The crypto analytics firm Glassnode says a signal that appeared before the 2016 Bitcoin parabolic rally, which witnessed gains of 4,500%, is back.

In its new on-chain analysis report, the crypto intelligence firm says the number of investors holding onto their BTC has reached new highs, suggesting a long-term bullish sentiment for the king coin.

Glassnode’s Supply Last Active metric, which represents the percentage of Bitcoin supply that have stayed dormant for a certain period of time, shows more than 61% of BTC have not moved in over 12 months, marking a new all-time high for the metric. The company also says nearly 44% of Bitcoin have remained inactive for more than two years.

Source: Glassnode

Glassnode says the numbers suggest that Bitcoin investors are in it for the long haul. The last time the same behavior was observed was in early 2016 before the parabolic rally that saw the king coin surging from just $434.88 on January 1, 2016 to the all-time high of $20,089. At the time, the percentage of Bitcoin that have not moved for at least one year also exceeded 60%.

“As we have seen in the past, long-term hodling is usually followed by bull markets. It shows that investors overwhelmingly believe that, at current prices, BTC is worth holding rather than selling – suggesting that sentiment favors the price going up.”

Source: Glassnode

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James Donald
James Donald writes for the Crypto section of Select News 91. He is an economic expert with a special interest in the unregulated currency system. He believes that the future of the planet lies in the unregulated system and that cryptocurrency is only beginning its journey. Whether his prediction is true or not, his skills certainly show his ability to analyze trends and dissect policy decisions. His column talks about the various cryptocurrencies failing and succeeding in a market that is nowhere near saturation.

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