RATE Group | Bitcoin ‘Hodl Wave’ Data Has Now Been Calling a Bull Run for 5 Months
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Bitcoin ‘Hodl Wave’ Data Has Now Been Calling a Bull Run for 5 Months

27 May Bitcoin ‘Hodl Wave’ Data Has Now Been Calling a Bull Run for 5 Months

Posted at 09:44h in Bitcoin News by

Bitcoin (BTC) is more likely to be at the start of a new bull market than at any time since 2016, new data covering investors suggests.

Noted by Phillip Swift, creator of monitoring resource Look Into Bitcoin, the data shows that 60% of the Bitcoin supply has not moved from its wallet in over one year. 

Analyst eyes “significant hodling”

The last time that such a large amount of the supply had remained stationary for that long was in 2016 — just before the start of the bull run, which sent BTC/USD to $20,000.

Looking at Swift’s accompanying chart, there is a strong relationship between the amount of supply lying dormant and subsequent upward price action.

Swift himself commented on Twitter:

60% of all bitcoin has not moved on the blockchain for at least 1 year.  This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run.

Bitcoin hodl waves chart. Source: Look into Bitcoin

Hodler “insanity” continues?

The chart…

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