Will We See A Bitcoin Breakout Soon?
While Bitcoin has been fluctuating between $9000 to $9500 for the past few months, many enthusiasts have been looking for a potential sign of a breakout. While there have been more than a few positive indicators such as Bitcoin's hashrate reaching new highs and the hash ribbon signal, not much has materialized yet. It seems that a new positive indicator has been added to the list that might tip the scales.
Hodled or Lost?
ð #Bitcoin $BTC Hodled or Lost Coins just reached a 2-year high of 7,400,289.781 BTCâ glassnode alerts (@glassnodealerts) July 19, 2020
Previous 2-year high of 7,400,076.011 BTC was observed earlier today
View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/zoQMwfYpDJ
As per GlassNode, the amount of dormant Bitcoin has just reached a 2 year high. While it is unclear whethers access to these coins has been lost in time or hodlers have reached a new height, both are bullish signs.
If these coins are lost, then Bitcoin's circulating supply is reduced which in-turn increases scarcity. The increased scarcity could push Bitcoin further up.
On the other hand, if these are hodlers it I also positive as it would indicate that many believe in Bitcoin in the long term. This mentality of hodling could push Bitcoin to previous highs or perhaps above it.
With many different positive indicators lining up, it seems to be a matter of time for Bitcoin to make a move.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado