Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn

2024-5-14 13:40

Quick Take

Glassnode data suggests that long-term holders who have held Bitcoin (BTC) for over 155 days are actively accumulating after offloading around 1 million BTC since late 2023. This cohort, known for selling into profits when Bitcoin reaches new all-time highs, has increased its holdings by approximately 70,000 BTC from the cycle bottom.

Long/Short-Term Holder Threshold: (Source: Glassnode)

Their renewed accumulation implies a belief that bitcoin’s current price consolidation, which is just above $60,000, presents good value. Historically, long-term holders selling has marked cycle tops, while short-term holders buying during euphoric price surges has signaled impending peaks.

Long-Term Holder Net Position Change: (Source: Glassnode)

CryptoSlate anticipates a run-up in short-term holder supply over the next 18 months, mimicking previous cycles like late 2013 and 2019 before the 2021 peak. This cyclical pattern suggests the current Bitcoin consolidation is the most likely scenario for this cycle stage.

The post Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn appeared first on CryptoSlate.

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