"Bitcoin (BTC) long-term holders possess over 80% of supply... Rally potential suggested"
JH Kim
Summary
- It was reported that Bitcoin long-term holders currently possess over 80% of the total supply.
- This phenomenon has only occurred twice before, during which Bitcoin saw a maximum rise of 84%.
- A current fractal pattern suggests the possibility of future price rallies.
On the 8th (local time), the cryptocurrency-focused media outlet Cointelegraph reported that when long-term holders of Bitcoin (BTC) own more than 80% of the total supply, BTC has previously surged as much as 84%. The outlet added that a similar fractal pattern is currently appearing, indicating the possibility of a price rally.
The media explained, "Currently, the holdings of long-term holders who have held BTC for at least 155 days have reached 80% of the total supply," and noted, "In BTC's 15-year history, this number has occurred only twice."
Meanwhile, as of 02:18 on the 9th, BTC is trading at $108,740.43 on the Binance Tether (USDT) market, up 0.67% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
