Bitcoin’s long-term bullish trend supported by “hodl” psychology

By March 4, 2020Bitcoin Business
Click here to view original web page at www.forexcrunch.com
  • Bitcoin is poised for a strong price increase in the long run.
  • The short-term technical picture remains bearish as long as the coin stays below $9,300.

The number of Bitcoin holders growing

About 42% of all Bitcoins have not moved since March 2017, according to Nate Maddrey from CoinMetrics. The statistics provided by the expert implies that Bitcoin investors stick to hodl philosophy and prefer to accumulate the coins.

As of March 1st, about 42% of all BTC has not been moved on-chain (i.e. transacted) for at least two years. The amount of BTC untouched in more than two years has not eclipsed 42% since July 2017.

Notably, the number of hodlers was on the rise during 2019. Some experts believe that the data provided by CoinMetrics signals that Bitcoin is on the verge of a massive bullish trend. A similar trend in the second half of 2017 resulted in Bitcoin’s stellar growth towards $20,000.

However, it should be noted that a significant amount of coins is lost forever as their owners lost access to their private keys. According to Chainalysis estimates, about 4 million BTC coins are lost forever.

On a weekly chart, BTC/USD stays above SMA50, which is a positive signal for Bitcoin bulls. The price surpassed this technical level, in the beginning, go January and has been trading higher ever since, which means that the longer-term picture remains bullish so far. Once it is out of the way, the downside momentum is likely to gain traction with the next focus on $8,250 (23.6% Fibo retracement for the downside move from July 2019 high to December 2019 low). It is followed by psychological $8,000.

On the upside, the initial bullish aim is $9,000. However, even stronger resistance comes at $9,300. This area is reinforced by SMA50 daily and 38.2% Fibo retracement for the above-said move.

BTC/USD daily chart

Get the 5 most predictable currency pairs

The short-term technical picture remains bearish as long as the coin stays below $9,300.

The […]

Leave a Reply

All Today's Crypto News In One Place