Journalist
Posted:
- Bitcoin bulls are bowing out as whole coiners and long-term holders are rallying.
- BTC’s price chart showed signs that the market may be on the cusp of its next short-term rally
If you are a Bitcoin [BTC] fan, chances are you’re wondering when the next bull run will begin. Unfortunately, accurately predicting the timeline is virtually impossible.
However, assessing the demand situation provides insight into the short- and long-term prospects.
Read Bitcoin’s [BTC] price forecast 2023-24
At least there is good news for BTC holders, especially those who are in it for the long term. According to recent findings, the amount of BTC supply held by long-term HODLers was now at the highest level in history, at 76.09%.
This confirmed that investor confidence grew significantly in the long term.
There it is: the percentage of Bitcoin supply held by long-term holders just officially reached an all-time high: 76.09%. pic.twitter.com/D5SYBTmSm2
— Will Clemente (@WClementeIII) September 28, 2023
This may indicate that long-term investors view the current price range as an ideal entry point. One of the main reasons for this is the high weight of expectations placed on Bitcoin ETFs.
With each passing day, the likelihood of a spot ETF being approved increases, especially given the recent pressure on the SEC. In addition to the growing long-term holders, the number of addresses with at least 1 BTC also reached a new ATH.
📈 #Bitcoin $BTC The number of addresses with 1+ coins just reached an ATH of 1,022,989
Previous ATH of 1,022,961 was observed on September 25, 2023
View statistics:https://t.co/s7tx1xxyz3 pic.twitter.com/18saLV4HF4
— Glassnode Alerts (@glassnodealerts) September 28, 2023
Is Bitcoin Still Bearish in the Short Term?
The above findings indicate that Bitcoin saw significant demand at its current price level. However, this does not necessarily mean that more disadvantages are avoided. Bitcoin’s recent attempts to return to the $30,000 price range have been thwarted by selling pressure. A sign that the market was still in favor of short-term profit taking.
Despite the recent FUD, the recent accumulation clearly had an impact on Bitcoin’s performance. It gained 2.75% over the past 24 hours from its press-time price of $27,112. This means that at the time of writing, the cryptocurrency was up more than 4% from the current weekly low.
Source: TradingView
Will Bitcoin maintain its current upside potential? Well, Bitcoin’s latest performance goes against expectations. For example, lower highs previously produced bearish expectations, especially after the death cross earlier this month.
Meanwhile, the current rally underlines a recovery from rising short-term support from the Relative Strength Index (RSI). It also reinforced the observation that BTC was gaining relative strength.
How much is 1,10,100 BTCs worth today?
Bitcoin currency flows turned since Saturday (September 23) and have been on the rise ever since. The latest Glassnode data showed that foreign exchange outflows exceeded foreign exchange inflows. In short, demand for BTC exceeded selling pressure.
Source: Glassnode
Bitcoin’s latest performance and price chart pattern suggested that it could start the fourth quarter with bullish momentum. However, the short-term profit-taking bias may still hold, at least until the next white swan.