RATE Group | Is a Bitcoin rally like 2017 imminent? This indicator says so
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Is a Bitcoin rally like 2017 imminent? This indicator says so

30 May Is a Bitcoin rally like 2017 imminent? This indicator says so

Posted at 19:20h in Bitcoin News by

  • The data analysis company Glassnode revealed that 60% of the Bitcoin (BTC) supply remained static for a year, a figure that preceded the legendary bull run in 2017.
  • Analyst Dave the Wave predicts a correction of the Bitcoin price to $6,700 unless the cryptocurrency rises above $9,800.

The data analysis company Glassnode has revealed an indicator that preceded Bitcoin‘s price rally in 2017. At that time, Bitcoin’s price entered a bull market that led to Bitcoin reaching its historic high of $20,000. This rally was accompanied by strong “hodl” behavior from investors. Glassnode now notes that the figure of Bitcoin hodlers is back at the 2017 level for the first time.

At the time of publication, Bitcoin’s price was $9,554, with an increase of 1.08% in the last 24 hours.

Behavior of Bitcoin investors points to new rally

As can be seen in the graph below, Glassnode has determined the behavior of Bitcoin investors since 2010. In this context, the data analysis company concludes…

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