On-chain analyst Will Clemente is observing a change in the habits of long-term Bitcoin holders.
Clemente says that the net position change of long-term Bitcoin investors is now in positive territory, indicating that the number of BTC being ‘hodl’d’ is increasing.
[adinserter block="1"]“HODLer Net Position Change has flipped green for the first time since October.”
According to a chart accompanying Clemente’s statement, the net position of long-term Bitcoin investors has been in negative territory since November 2020 when the flagship cryptocurrency broke above the $15,000 mark for the first time in over two years.
In reference to a chart showing that the total supply of Bitcoin held by long-term holders has been increasing since late May, Clemente comments that it is a “signal.”
The chart shows that the total supply of Bitcoin in the hands of long-term holders had reached a peak towards the end of last year and hit a low around the end of the first quarter of this year before starting an upward trend.
The on-chain analyst also points out that if Bitcoin crosses above the $41,000 level, then it could easily reach $47,000 as there is a price gap between the two levels.
At time of writing, Bitcoin is trading at just below $40,000 after rising slightly above $41,000 on June 15th.
[adinserter block="1"]“Looking at on-chain volume, if BTC breaks above $41,000 there’s nothing but air between there and 47K.”
On the other hand, cryptocurrency trader known in the industry as Dave the Wave interprets the same shift as a bearish signal.
Dave the Wave references a chart which shows that as the net position change of long-term Bitcoin investors turned positive towards the first quarter of 2018, the price of the flagship cryptocurrency fell.
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