- Bitcoin HODLing holds firm amid growing hopes for a long-term rally.
- Things could end up even better for BTC HODLers in 2024
Bitcoin [BTC] holders are over the moon, so to speak, or at least hoping the latest rally will shoot to the moon. A common expression used for maximum profit. The rally is a refreshing turn of events considering bulls have been struggling to make sense of the market for about three months.
How much are 1,10,100 BTCs worth today?
Back with a bang!!!
The BTC bulls are in full swing again. And the proof of this was the robust advantage of the king’s coin. The coming months, especially 2024, could be interesting. It is therefore important to assess how BTC lays the foundation for that future.
A recent Glassnode assessment of the state of Bitcoin found that HODLing is becoming increasingly intense. More than 600,000 BTC have remained dormant over the past decade. This is important because it is a higher amount than the BTC available on exchanges. The implications of that outcome are clear.
According to Glassnode, there are now more than 600,000 Bitcoins that have not moved in more than 10 years than are listed on exchanges. pic.twitter.com/KCuOwF32C5
— Will Clemente (@WClementeIII) October 25, 2023
The fact that there were a lower number of BTCs on the exchanges meant that the bottom price of the cryptocurrency rose. It also meant that the price became more sensitive to liquidity flows. This is a situation that could lend itself to a bullish spiral.
Especially when we take into account external developments such as inflation and the threat of economic collapse, which makes BTC more relevant than ever as an alternative.
Bulls are ushering in greed as investors amid growing hopes for the next big rally
The growing optimism for Bitcoin became especially evident with 2023 still about two months away from expiring. Many traders are aware that 2024 could be the year Bitcoin really takes off, especially thanks to ETFs and the next halving.
A confluence of events could be the reason for the rise in current confidence levels, as evidenced by Bitcoin’s fear and greed index.
Source: Alternative.me
While the growing confidence can be seen as a good thing, it was also worth noting that the market is still subject to volatility. There will undoubtedly be unexpected withdrawals along the way.
While hopes for recovery remain high, the state of the traditional financial segment could also outline BTC’s robust future. The world is currently struggling with inflation and the West is struggling to keep the economy afloat.
Read Bitcoin’s [BTC] Price forecast 2023-24
More and more people are becoming aware of the potentially dark economic times ahead as trust in TradFi declines. Because of this, many people are embracing Bitcoin as a safe haven for when TradFi finally breaks.