The Bitcoin price is steadily marching back towards the critical $30,000 level, defying bearish predictions. This rise comes as Bitcoin’s long-term holder metric hits a new all-time high.
According to data from Glassnode, 76.09% of Bitcoin’s total supply is now held by long-term investors. This underscores confidence in Bitcoin as a store of value despite volatility.
Long-term holders use a buy-and-hold strategy and wait patiently for bull runs to realize massive gains. Short-term holders trade more speculatively during volatile markets.
This long-term holder metric reaching a record high signals growing Bitcoin adoption and resilience. Investors are hunkering down for the long haul and ignoring short-term price swings.
Several factors may be driving Bitcoin’s recent positive momentum. These include the possibility of SEC approval for spot Bitcoin ETFs, the launch of hard fork Bitcoin Spark, and surging adoption in regions like Brazil.
Even amid regulatory scrutiny and wild price fluctuations, Bitcoin has shown impressive growth. Passing $27,000 comes as a bullish sign for investors eager to capitalize on the next major market run.
If the long-term holder metric remains strong, Bitcoin’s price could continue climbing back toward its all-time highs. Patience and confidence seem to be the name of the game for most BTC investors.
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