"HODL-ers" at all time highs but who will drag the price higher?
Yesterday, we touched on the subject of people leveraging their positions in an attempt to catch Bitcoin’s bottom. We also expressed concerns about the current bounce in the cryptocurrency market being the usual “FOMO” (fear of missing out) among investors. Additionally, we noted that the tighter economy is here to stay, likely foreshadowing more trouble ahead.
Today, we would like to take a look at the subject of “HODL-ers” (hold on your dear life; people who hold their cryptocurrencies and do not sell, regardless of circumstances). Over the past year, media news outlets have continued to inform the public about the number of “HODL-ers” growing month after month. To concisely illustrate our point, below are some of the headlines from articles on various cryptocurrency-related websites (from six different sources).
16th November 2022 - “Long term Bitcoin HODLers reaches all-time high”
26th August 2022 - “Research: Diamond hands are at an all-time high”
18th July 2022 - “Bitcoin hodling activity resembles previous market bottoms: Glassnode”
16th May 2022 - “Number of addresses with over 1 Bitcoin hits new all-time high despite volatility”
14th March 2022 - “Number of Bitcoin holders hits an all-time high record at almost 40 million addresses”
22nd February 2022- “Number of Bitcoin “Hodlers” reaches new all-time high despite crypto market bloodbath”
17th January 2022 - “On-Chain Data Shows Number of ETH Holders At All-Time High”
28th December 2021 - “Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021”
18th November 2021 - “Bitcoin holders who bought at 20K refuse to sell BTC at all-time highs - Latest data”
Based on available data, the number of people holding their cryptocurrencies has continued to grow despite crashing prices. That ultimately brings us to a question - if all these people continue to buy dips in speculation of a primary trend reversal, then who will drag the price higher? In our opinion, within the market reliant so much on the next buyer, it is not a positive development. Therefore, we stay very cautious and continue to stick with our bearish assessment of the market. Accordingly, our price targets stay at 15 000$ and 13 000$.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD and simple support/resistance levels.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Today, we would like to take a look at the subject of “HODL-ers” (hold on your dear life; people who hold their cryptocurrencies and do not sell, regardless of circumstances). Over the past year, media news outlets have continued to inform the public about the number of “HODL-ers” growing month after month. To concisely illustrate our point, below are some of the headlines from articles on various cryptocurrency-related websites (from six different sources).
16th November 2022 - “Long term Bitcoin HODLers reaches all-time high”
26th August 2022 - “Research: Diamond hands are at an all-time high”
18th July 2022 - “Bitcoin hodling activity resembles previous market bottoms: Glassnode”
16th May 2022 - “Number of addresses with over 1 Bitcoin hits new all-time high despite volatility”
14th March 2022 - “Number of Bitcoin holders hits an all-time high record at almost 40 million addresses”
22nd February 2022- “Number of Bitcoin “Hodlers” reaches new all-time high despite crypto market bloodbath”
17th January 2022 - “On-Chain Data Shows Number of ETH Holders At All-Time High”
28th December 2021 - “Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021”
18th November 2021 - “Bitcoin holders who bought at 20K refuse to sell BTC at all-time highs - Latest data”
Based on available data, the number of people holding their cryptocurrencies has continued to grow despite crashing prices. That ultimately brings us to a question - if all these people continue to buy dips in speculation of a primary trend reversal, then who will drag the price higher? In our opinion, within the market reliant so much on the next buyer, it is not a positive development. Therefore, we stay very cautious and continue to stick with our bearish assessment of the market. Accordingly, our price targets stay at 15 000$ and 13 000$.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD and simple support/resistance levels.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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