The amount of 'saved Bitcoin' (coins being kept at a single wallet address for at least two years) has reached a new all-time high.
According to data compiled by the analytics firm Glassnode, these coins total over 49% percent of the total Bitcoin supply, which comes to 9.45 million BTC. Nearly half of all Bitcoin's are in the hands of long term investors.
Soon the majority of all BTC will have not moved in over 2 years - an extremely bullish indicator...
The previous record amount of saved Bitcoin was set between the end of 2020 and the start of 2021. This coincides with the start of the bull market that year - with the rising price being driven by a lack of people willing to sell their BTC.
So far, we're seeing a similar path ahead now, as Bitcoin and the rest of the cryptocurrency market appear to be beginning a price recovery cycle.
Since the beginning of this year, bitcoin has increased by almost 40%. and is hanging around $23,000 -reclaiming a price not seen since August 2022.
Last week it became official that the majority of Bitcoin holders have made a profit at current prices.
Predictions for the year...
So far, are bullish, according to a majority of analysts.
However, you may not be feeling it yet - the first few months of 2023 are anticipated to be slow, followed by a large increase in the price of BTC in the second half of the year.
Will Bitcoin repeat its traditional cycle of crashes, followed by setting a new all time high? That would mean Bitcoin breaking the $70,000 ceiling.
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Author: Justin Derbek
New York News Desk
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