Bitcoin (BTC) has been in sluggish momentum for several days. However, we observe a tendency among investors to maintain their position regarding the flagship crypto. A trend that could continue as bitcoin regains momentum.
Bitcoin investors in “wait and see” mode
Analysts have made an observation regarding the on-chain activity of bitcoin. The latter would currently be lethargic. In other words, transactions and value movements on the Bitcoin network are currently low.
The data provided by Glassnode show that the average value of on-chain transfers of bitcoin is lower than the peak reached in 2021. That is to say during the previous bull market of the flagship crypto.
This observation suggests that investors are reluctant to sell their bitcoins. In other words, investors are in a wait-and-see attitude regarding their BTC. Instead of selling them, they preferred to keep them in view of a possible outbreak.
It therefore seems that despite the significant price drop that the flagship crypto has experienced recently, investors have retained both their enthusiasm and their optimism. Particularly with regard to the potential of bitcoin in the short and medium term.
Substantial accumulation trend observed
While this data overall shows some optimism regarding the flagship crypto, another factor tends to reinforce this sentiment. Indeed, there are several signs that investors who survived the 2022 bear market are now hoarding their coins.
In doing so, they anticipate a further appreciation of the price of bitcoin. The latest news is that bitcoin is trading around $66,900, an increase of 2.80% in the last 24 hours.
Analysts have noted that the percentage of bitcoin supply lying dormant for three to five years continues to rise. A situation which, according to them, portends a long-term bullish outlook among investors.
Based on this constant, they envisage a potential increase in the price of bitcoin. This could then experience a six-figure valuation in the coming months, with projections counting on a price exceeding $150,000. Many renowned crypto experts share this view about the flagship crypto, even if performance is currently mixed.
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