- 70 percent of Bitcoin has not been moved for than six months
- HODLers to pioneer the next massive bull run in 2020
Bitcoin News Today – According to on-chain analytics, Alistair Milne of Altana Digital Currency Fund recently pointed out that about 70 percent of the 18.12 million Bitcoin in circulation has not been moved for more than six months.
The crypto buff noted that the last time a similar trend occurred was a couple of months out from the previous halving, in 2016 after a massive bear market. The tweet of the firm states:
“Nearly 70% of all Bitcoin hasn’t been moved for over 6 months. The last time that happened was… approaching the 2016 halving. pic.twitter.com/aaTwWOPKqN.”
Over 70 Percent of BTC Has Not Moved for More Than Six Months
The tweet of Milne comes after the founder of Quantum Economics – Mati Greenspan – made a similar observation. Greenspan pointed out that 6.8 million Bitcoin has changed hands over the past twelve months, which is not up to 50 percent of the total BTC in circulation. According to the head of data science at Flipside – Eric Stone – the fact that such an enormous amount of BTC is dormant suggests that a dramatic shift in the digital currency space and market is on the horizon.
Bitcoin (BTC) Price Today – BTC / USD
Stone did not clarify on which direction the digital currency would take. However, crypto analysts are sure that the mentality of the pre-halving HODL is a precursor to a massive bull run, one that would make the 330 percent increase of BTC from January to June look like peanuts.
HODLers to Pioneer a Massive Bullish Market in 2020
According to many analysts, Bitcoin (BTC) is on the verge of entering its next massive bull run. A prominent BTC commentator and engineer – Melik Manukyan – recently released a chart that shows that the scarcity of the world’s largest digital currency by market cap should result in dramatic price appreciation with a multi-month lag accompanying the event.
The BTC commentator pointed out that halvings will have an enormous impact on the supply-demand economics of the Bitcoin market, which should result in prices surging higher to a decrease in mine supply being sold on the market.
Milne has also echoed this himself. According to a previous report, the long-term crypto investor noted that the halving comes into effect in 2020, 50 percent of all the newly mined BTC by the purchases of customers of two firms – Square via its Bitcoin buying service and Grayscale via its BTC Trust. This does not include the inflows from customers of Coinbase, those purchasing the digital currency via eToro, RobinHood, and other platforms.
The previous BTC halvings have resulted in growths of more than 1000 percent, and many are expecting a similar trend to unfold next year.