IMPORTANT: The % of $BTC not being moved for over a year is increasing.
We are now ~6 months after a major turnaround like we only saw twice before. We saw it in 2018, ~6 months before the #bitcoin bottom and in 2014, ~9 months before the price bottom was in.
We are now ~6 months after a major turnaround like we only saw twice before. We saw it in 2018, ~6 months before the #bitcoin bottom and in 2014, ~9 months before the price bottom was in.
Now, what does this mean? Historically we see the $BTC price bottom 6-9 months after this turning point. People are not longer willing to sell (or even move) their bitcoin and are simply holding it. Mainly because they think price increases are coming or accumulation is here.
So, this indicator turns around during a period of bear market. After 6-9 months of this indicator going up, the #bitcoin price bottoms.
We are now 6 months after this turning point so we can say that the bottom should be in or close and that we're in an accumulation stage.
We are now 6 months after this turning point so we can say that the bottom should be in or close and that we're in an accumulation stage.
Personally I don't think this indicator has peaked yet. This means that the accumulation phase can still continue for some time. We're currently at 63% while historically the peak turning point to the downside is a bit higher.
Once it has reached its high, a bull market starts. At that point more people are willing to sell their #bitcoin into the strong price action again. For now, it means we're in accumulation, but this indicator tells us the bottom of this bear market/accumulation phase is in.
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