Bitcoin has consistently made lower highs since June and a breakout before the fourth halving event appears unlikely.
The gloomy market condition has failed to deter long-term Bitcoin holders who are currently in possession of more than 75% of all existing BTC.
As per an analyst at the crypto analytics platform CryptoQuant, this level was last seen in October 2015. The sentiment of long-term holders is important as they represent experienced market participants that have been through different phases of the market.that these entities have lower spending behavior statistically and hence are touted as the “hodl’ers form the last resort” while providing strong support for the flagship crypto-asset.
Bitcoin is currently trapped in a bear market cycle, a breakout from which, at least in the near term, does not appear likely. CryptoQuant’s chart depicted that the coins are shifting from younger, less experienced market participants, to long-term holders.Crypto experts have also expressed similar sentiments regarding the price action of bitcoin, which has been struggling below the key $20,000 psychological level for quite some time.that BTC may see a notable pump only after its next halving event, slated to take place in early 2024.
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