Most holders still expect a big pump in Bitcoin price
There is an indication that a huge number of Bitcoin enthusiasts are waiting for the big 2017 boom to happen again, as no less than 60% of BTC holders have retained their holding power without moving their funds for some time.
Observers say that this indicates that Bitcoin holders expect something big to happen after halving, however, there is no certainty that Bitcoin’s price will go up, aside from the fact that BTC has a price increase after halving.
LookIntoBitcoin’s 1Y + HODL wave data shows that 60% of holders have not breached their funds in the past year. This, by all indications, happened for the last time in 2016.
During that time, Bitcoin reached $ 700, but a year later, Bitcoin’s price reached $ 20,000, almost 17 months after the June 2016 halving.
The occurrence of the big rise in Bitcoin prices has given a lot of strength to cryptocurrency holders who might be thinking of selling.
Now, 60% of them are waiting for the next action. It is possible that Bitcoin will advance in price after halving or remain where it is.
Meanwhile, at the time of this writing, Bitcoin is changing hands for $ 9142, after falling from the $ 10,000 range. Yesterday Bitcoin was trading below the $ 9,000 mark, but it regained its strength today.
On May 8, BTC was trading at $ 10,024 and quickly retracted below $ 10,000. Since then, Bitcoin has maintained a position below $ 10,000.
The cryptocurrency market appears to depend on Bitcoin. Despite altcoins’ claim to have a different idea for increasing the value of their currencies, there seems to be a clear link between the price of Bitcoin and that of other altcoins, since a drop in Bitcoin prices signals a similar drop in the value of altcoins and the entire cryptocurrency market.
Source: News Logical