BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Drastic Shift in Behavior of Long-Term Bitcoin Holders Underway: On-Chain Analyst Will Clemente

Drastic Shift in Behavior of Long-Term Bitcoin Holders Underway: On-Chain Analyst Will Clemente
On-chain analyst Will Clemente is observing a change in the habits of long-term Bitcoin holders.
Clemente says that the net position change of long-term Bitcoin investors is now in positive territory, indicating that the number of BTC being ‘hodl’d’ is increasing.
 
“HODLer Net Position Change has flipped green for the first time since October.”
According to a chart accompanying Clemente’s statement, the net position of long-term Bitcoin investors has been in negative territory since November 2020 when the flagship cryptocurrency broke above the $15,000 mark for the first time in over two years.
Source: Will Clemente/Glassnode
In reference to a chart showing that the total supply of Bitcoin held by long-term holders has been increasing since late May, Clemente comments that it is a “signal.”
The chart shows that the total supply of Bitcoin in the hands of long-term holders had reached a peak towards the end of last year and hit a low around the end of the first quarter of this year before starting an upward trend.
Source: Glassnode/Will Clemente
The on-chain analyst also points out that if Bitcoin crosses above the $41,000 level, then it could easily reach $47,000 as there is a price gap between the two levels.
At time of writing, Bitcoin is trading at just below $40,000 after rising slightly above $41,000 on June 15th.
 
“Looking at on-chain volume, if BTC breaks above $41,000 there’s nothing but air between there and 47K.”
Source: Will Clemente/Glassnode
On the other hand, cryptocurrency trader known in the industry as Dave the Wave interprets the same shift as a bearish signal.
Dave the Wave references a chart which shows that as the net position change of long-term Bitcoin investors turned positive towards the first quarter of 2018, the price of the flagship cryptocurrency fell.
Source: Dave the Wave/Glassnode
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter , Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

.dh_responsive {
padding: 0px 20px 0px 20px;
}
@media (max-width: 980px) {
.dh_responsive {
padding: 0px;
}
}




googletag.cmd.push(function() { googletag.display('div-gpt-ad-1597129173244-0'); });



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Olga Tsyvinska
The post Drastic Shift in Behavior of Long-Term Bitcoin Holders Underway: On-Chain Analyst Will Clemente appeared first on The Daily Hodl .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Drastic Shift in Behavior of Long-Term Bitcoin Holders Underway: On-Chain Analyst Will Clemente


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News