Cryptocurrency

Bitcoin On-Chain analysis is extremely bullish

Bitcoin has recovered after the slump in March, in consequence of the corona of a crisis, while good, is currently however, for a few weeks in a kind of a consolidation zone. Like a few days ago reported BTC is failed several times at the magic limit of 10.000 USD.

However, despite the lack of momentum, the offset Bitcoin a boost and the long-awaited Bullrun could usher in, many On-Chain data is extremely bullish. It is precisely on this aspect of the CTO of Crypto-analysis company Glassnode is now in a 14-part Post on Twitter. In it, he shows why it is from a fundamental point of view, is better to Bitcoin than ever before. We summarize you the News!

Bitcoin On-Chain data is very bullish

When it comes to Rafael Schultze-Kraft, the CTO of Glassnode, then the largest crypto-currency market capitalization due to its strong fundamentals on the verge of a new Bullrun.

This is a very positive On-Chain data are, in his opinion, “in the long term extremely bullish”. In summary, these data suggest that investors have great confidence in Bitcoin, and more and more “Hodler behavior” show.

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In the Following, we therefore go to some of the key metrics and Charts, Rafael Schultze-Kraft reveals in its On-Chain analysis of Bitcoin:

61% of the entire Bitcoin supply has not been moved in over a year (all time high), 44% even for 2 years or longer and 30% over 3 years.
This clearly indicates that many keep their BTCs “hodln”, so in the long term. Also, in theory, for less potential selling pressure.The number of lost or long-term gehodlten Bitcoin has risen since the start of 2019 at 8%. While Schultze-showing the power that the 7.3 million BTC (40% of outstanding supply) are, shows a different analysis, that a total of 15.1 million BTCs in the long term, kept or lost. We had reported already last week. Hodler accumulate as of this year, a lot of Bitcoin. In 2020, there were only 16 days on which the “change in the net Position of Bitcoin Hodlern” was negative.The sum of the on Crypto-exchanges held the Bitcoin falls since the beginning of this year, continuously. While many factors influence this development, a possible explanation is that more people keep their BTCs to your own wallet in the long term.

When is the BTC Bullrun?

The above four On-Chain developments in Bitcoin are only an excerpt of the data that the CTO of Glassnode in his Posts is received. Nevertheless, you can already read here that Rafael Schultze-Kraft is in his judgment very properly, that “in the long term extremely bullish”.

Finally, he commented on the 12 of him gesposteten On-Chain data with the following summary:

It is gehodlt much. I am long term extremely bullish on #Bitcoin. Don’t let short-term price movements to be distracted and always remember, zoom out and to look at the overall picture.

Nevertheless, in spite of the very good fundamental development of Bitcoin is not reflected currently in rates. As Schultze-Kraft stressed, however, properly, it’s important to be impatient and to look at the overall picture. It can be so, of course, will not say exactly when the Bitcoin price makes large jumps, but the On-Chain data on Large hope.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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