Bitcoin (BTC) shouldn’t have a problem reaching $ 100,000 in the current bull market, thanks to the impressive behavior of hodlers (savings).
Decentrader analysts, including filbfilb, a contributor to Cointelegraph Markets, tried to address concerns that the Bitcoin bull market was losing power.
HODL Waves give positive signs
The positive view of analysts is backed by data showing that more and more investors are making long-term BTC investments.
The “HODL Waves” indicator reveals that investors are not interested in selling Bitcoin at the current price level.
Decentrader summarized, “The HODL Waves data for more than a year shows that Bitcoin can easily reach $ 100,000 in this bullish cycle.”
“The higher the amount of BTC saved for a year or more of investment, the less liquid supply and potential selling pressure will be. If 50 percent or more of the bitcoin supply is accumulated, the bull market generally continues.”
HODL Waves tracks the current Bitcoin supply based on when they were last traded. According to the indicator, those who bought BTC in the 2017 bull market have largely held their positions despite making substantial profits.
Stock exchanges’ reserves continue to decrease
Currently, approximately 36 percent of the circulating Bitcoin supply is made up of “younger” cryptocurrencies that have been moved in the past six months.
On the other hand, exchanges’ Bitcoin reserves continue to decrease in March.
Even miners increasingly prefer to hold BTC rewards. Glassnode data announced that net miner positions turned positive for the first time this month.
Tesla CEO Elon Musk recently announced that the company will start accepting Bitcoin payments and that the Bitcoins obtained will be kept as Bitcoins without converting them into fiat currency.
According to Bitcointreasuries.org data, Tesla currently holds an estimated 48 thousand BTC.