Bitcoin hodlers be about to spark a run to new BTC price highs, data suggests

Data reveals that BTC hodlers who are experienced in Bitcoin (BTC), are poised to cause a new price rise by hoarding BTC.

Glassnode, an on-chain monitoring resource, says that the Bitcoin supply will undergo a new ageing process.

Supply at its lowest point in a year

Glassnode researchers highlighted its active supply metric and noted that the Bitcoin supply that last moved one year ago or more is now at a local bottom.

In the past, holders, or “hodlers”, fresh from selling older coins, began accumulating and the overall dormant supply ages increased. This created a “supply glut” in which demand was greater than the BTC available. The price also benefited. The local price top was reached again and selling was reinstituted.

This circular pattern was evident in the Bitcoin run to $20,000 in 2017 and it appears that this trend will continue in April 2021.

However, the numbers are not the same for both years.

“The Bitcoin supply, which has been inactive for at least one year, is now at 54.2%. This is a significant increase in the relative amount of BTC that remains in cold storage compared to 2017. Glassnode stated.

It also signifies that fewer coins are spent to put in the 2021 top.

More “hodlers last resort” are appearing.

Cointelegraph regularly reports on hodler behavior, and cohorts for BTC of various ages that influence the market.

Related: Is this another bubble? New research shows that Bitcoin prices have risen in line with Chinese debt cycles.

Recent data has shown that strong hands control more Bitcoin supply than ever before, and this is in addition to October 2020.

Local resets are also occurring during deleveraging events like those in May or September this year.

https://cointelegraph.com/news/bitcoin-hodlers-be-about-to-spark-a-run-to-new-btc-price-highs-data-suggests