Bitcoin holders hold on to their assets!


Tue 26 Mar 2024 ▪ 3 min reading ▪ by Luc Jose A.

Bitcoin (BTC) has been in sluggish momentum for several days. However, we observe a tendency among investors to maintain their position regarding the flagship crypto. A trend that could continue as bitcoin regains momentum.

Bitcoin: Investors reluctant to sell their assets

Bitcoin investors in “wait and see” mode

Analysts have made an observation regarding the on-chain activity of bitcoin. The latter would currently be lethargic. In other words, transactions and value movements on the Bitcoin network are currently low.

Data provided by Glassnode shows that the average value of bitcoin on-chain transfers is lower than the peak reached in 2021. That is, during the flagship crypto's previous bull market.

This observation suggests that investors are reluctant to sell their bitcoins. In other words, investors are in a wait-and-see attitude regarding their BTC. Instead of selling them, they preferred to keep them in view of a possible outbreak.

It therefore seems that despite the significant price drop that the flagship crypto has experienced recently, investors have retained both their enthusiasm and their optimism. Particularly with regard to the potential of bitcoin in the short and medium term.

BTC holders prefer to hold their assets

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Substantial accumulation trend observed

While this data overall shows some optimism regarding the flagship crypto, another factor tends to reinforce this sentiment. Indeed, there are several signs that investors who survived the 2022 bear market are now hoarding their coins.

In doing so, they anticipate a further appreciation of the price of bitcoin. The latest news is that bitcoin is trading around $66,900, an increase of 2.80% in the last 24 hours.

Analysts have noted that the percentage of bitcoin supply lying dormant for three to five years continues to rise. A situation which, according to them, portends a long-term bullish outlook among investors.

Based on this constant, they envisage a potential increase in the price of bitcoin. This could then experience a six-figure valuation in the coming months, with projections counting on a price exceeding $150,000. Many renowned crypto experts share this view about the flagship crypto, even if performance is currently mixed.

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Luc Jose A. avatarLuc Jose A. avatar
Luc Jose A.

A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this revolution in progress.

DISCLAIMER

The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.

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