Investors holding BTC on a long-term basis have added over 200,000 BTC to their positions since the beginning of this year.
In short:
More whales
The latest data show that investors see 2020 as an incredible opportunity to accumulate cryptocurrencies. Statistics from Glassnode, analytical platform reveal that Bitcoin’s price action attracts even more whales to play, and their number has increased by 2% this year.
The number of large players with more than 1,000 BTC (about $9.3 million) is currently 1,840. Despite the fact that Bitcoin is still below the resistance level of $10,000, larger investors are still collecting tokens.
source: Glassnode
Out of the 170 days of the past year, 154 were days on which investors raised money to hold in their digital portfolios on a long-term basis. Despite the rapidly changing stock price, the mood among investors clearly indicates an increased willingness to save in the long term and to stop trading BTC.
source: Glassnode
Forecasts and expectations
Constant accumulation of BTC indicates trust and high expectations for a cryptocurrency in the long term. Analysts expect the Bitcoin to reach new heights in the next 12 months as a result of the monetary stimulus provided by authorities around the world over the last 3 months. Bloomberg specialists said they expect $20,000 by the end of this year due to the increased share of the institution in buying resources.
Many crypto analysts over the past months have come to the conclusion that Bitcoin has started an ideal moment at ATH (All-Time High). A senior analyst from Bloomberg McGlone explained that Bitcoin’s price shares over the last few months look very similar to those of 2016 and the crypto following the trend of 4 years ago can reach new heights.
The future of Bitcoin
The current Bitcoin period may end up growing above the $10,000 resistance level if the number of investors continues to grow as it does today. The correlation with traditional markets has increased significantly over the past week, so all bullshit narratives cannot be taken for granted, but given previous increases and the lack of correlation with traditional markets in the past, we can expect to reach $20,000 or higher this year.
