Bitcoin’s (BTC) trajectory toward widespread acceptance and optimism has recently surged to new heights.
A remarkable milestone is the surge in BTC holdings of long-term investors, amassing a record 14.59 million coins, equating to 75% of the circulating supply.
“New All-time-high for Bitcoin Long-Term Holder supply, now at 14.59M $BTC (75% of circulating).”
– Glassnode analyst noted in the August 7 tweet.
This statistic signifies a resilient belief in Bitcoin’s enduring value, as seasoned holders continue to stake their confidence in its potential.
Further, the surge also underscores Bitcoin’s evolution from a speculative asset to a formidable store of value, strengthening its position as a pivotal player in the financial landscape, and accentuating its journey toward mainstream acknowledgment.
Meanwhile, the supply of Bitcoin held by short-term holders has been on a sharp trajectory since early 2021, currently standing at around 11 million BTC.
Bitcoin price analysis
At the time of writing, Bitcoin was changing hands at $29,576, down more than 0.8% in the past 24 hours.
The leading cryptocurrency gained 1.3% over the past week, although on the monthly chart, it remains more than 2.3% in the red.
Still, Bitcoin’s year-to-date returns stand robust at almost 80%.
As evident, Bitcoin’s recent price action has done little to excite crypto investors. The biggest crypto coin reclaimed the $30,000 mark on August 9, but only for a brief period, before retreating below this psychological threshold.
However, there are some signs that better days may be coming for BTC, at least when taking into consideration the historical chart patterns that led to bullish runs in the past.
To be more specific, there is a chance that Bitcoin may experience a parabolic movement, with the BTC chart demonstrating a bottom formation similar to the ones seen in 2016 and 2020 that preceded a strong bull market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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