The gloomy market condition has failed to deter long-term Bitcoin holders who are currently in possession of more than 75% of all existing BTC.
As per an analyst at the crypto analytics platform CryptoQuant, this level was last seen in October 2015.
- The sentiment of long-term holders is important as they represent experienced market participants that have been through different phases of the market.
- The analyst explained that these entities have lower spending behavior statistically and hence are touted as the “hodl’ers form the last resort” while providing strong support for the flagship crypto-asset.
- Bitcoin is currently trapped in a bear market cycle, a breakout from which, at least in the near term, does not appear likely.
- CryptoQuant’s chart depicted that the coins are shifting from younger, less experienced market participants, to long-term holders.
- Crypto experts have also expressed similar sentiments regarding the price action of bitcoin, which has been struggling below the key $20,000 psychological level for quite some time.
- PlanB, for one, recently said that BTC may see a notable pump only after its next halving event, slated to take place in early 2024.
- CryptoPotato earlier reported that low prices combined with high network hash rate and mining difficulty have ravaged the mining ecosystem.
- However, Michaël van de Poppe, founder and CEO of trading firm Eight, is bullish on the asset.
- Despite Bitcoin’s lack of volatility, van de Poppe predicted that it could “break out significantly” all the way to $30,000 “within two-three weeks.”