Bitcoin bear market is over, metric indices as BTC exchange balances hit 4-year low
Coins that are stationary for at least a year suggest accumulation is done - something that traditionally accompanies the end of bear markets.
Market news
Bitcoin (BTC) may already begin its new macro bullish trend if historic “hodl” patterns repeat.
This is the conclusion of research on the latest data covering the amount of BTC supply idle for a year or more as of July 2022.
Hodled BTC hints that the bear market is overAccording to independent analyst Miles Johal, who posted the results on social media on July 29, a "rounded" BTC hodled formation is nearing completion.
Once this is the case, price should react, as many times before.
The clue lies in Bitcoin's HODL Waves metric, which breaks down supply based on each Bitcoin's last move. A year or more ago - the 1-year HODL wave - currently reflects the majority of supply.
The attached chart from Johal shows that the higher the proportion of overall supply stationary for at least one year, the closer BTC/USD is to a macro low.
Most importantly, however, a slowdown in the year-over-year HODL wave – indicating that the accumulation is calming down – followed by the start of a reversal has always occurred at the start of a new uptrend in BTC prices long term.
This “rounded top” chart phenomenon is therefore strongly seen as a potential source of hope, with Bitcoin already making up for lost ground.
In the comments, Johal argued that few have paid attention to HODL Waves.
Bitcoin 1-year+ HODL Wave Annotated Chart. Source: Miles Johal/ TwitterSeparate data from on-chain analytics company Glassnode, mea...
Coins that are stationary for at least a year suggest accumulation is done - something that traditionally accompanies the end of bear markets.
Market news
Bitcoin (BTC) may already begin its new macro bullish trend if historic “hodl” patterns repeat.
This is the conclusion of research on the latest data covering the amount of BTC supply idle for a year or more as of July 2022.
Hodled BTC hints that the bear market is overAccording to independent analyst Miles Johal, who posted the results on social media on July 29, a "rounded" BTC hodled formation is nearing completion.
Once this is the case, price should react, as many times before.
The clue lies in Bitcoin's HODL Waves metric, which breaks down supply based on each Bitcoin's last move. A year or more ago - the 1-year HODL wave - currently reflects the majority of supply.
The attached chart from Johal shows that the higher the proportion of overall supply stationary for at least one year, the closer BTC/USD is to a macro low.
Most importantly, however, a slowdown in the year-over-year HODL wave – indicating that the accumulation is calming down – followed by the start of a reversal has always occurred at the start of a new uptrend in BTC prices long term.
This “rounded top” chart phenomenon is therefore strongly seen as a potential source of hope, with Bitcoin already making up for lost ground.
In the comments, Johal argued that few have paid attention to HODL Waves.
Bitcoin 1-year+ HODL Wave Annotated Chart. Source: Miles Johal/ TwitterSeparate data from on-chain analytics company Glassnode, mea...
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