BTC hodlers face an 'arduous road' through the 2024 halving, says Glassnode.
Bitcoin faces up to one-and-a-half years of “boredom” as the bull market gathers steam, a new prediction says.,” analytics firm Glassnode predicted an “arduous” period for BTC hodlers next.Thanks to gaining 70% in Q1 this year but then struggling to hold its ground, Bitcoin is dividing opinion when it comes to future price action.
For Glassnode, there are signs that a classic pre-bull market phase is playing out, but long-term holders will still need considerable patience. Investigating the “liveliness” of the BTC supply, which it describes as “the propensity of Bitcoin holders to spend or hold their coins,” researchers revealed mass accumulation.
“Currently, Liveliness is in a multi-year macro downtrend, having peaked in May 2021 when bear market first set in. We can see a similar structure has formed to the 2018-20 cycle, as coins slowly but surely migrate into cold storage and are removed from the market by the HODLer cohort,” they explained.
“These HODLers are currently accumulating coins at a rate of around 42.2K BTC/month, suggesting that the price insensitive class are absorbing a non-trivial portion of the currently available supply. If we compare this behavior to prior cycles, we can see that this regime of steady and gradual accumulation commenced just over 2-years ago, and suggests that another 6 to 12-months may be ahead of us.
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