Long-Term Bitcoin Investors' Confidence Renewed

Long-term Bitcoin investors think the price will still rise, even though it has reached record highs.

Long-term investors in the Bitcoin network usually sell coins during bull periods when the price rises. This trend was clearly seen between January and April 2024, when the amount of BTC in the wallets of investors with at least 1 and 2 years of experience decreased.

“As the Bitcoin price began to recover from the recent correction towards $56,000, we noticed a change in investors' behavior,” said a CryptoQuant analyst.

The group of investors with at least 1 and 2 years of experience stopped selling coins and started holding them. “This change signals renewed confidence in the future potential of the Bitcoin price,” the analyst said.

The analyst said blockchain-based data rests on a strong bullish foundation. However, he warned that if the price falls below the daily Ichimoku cloud, Bitcoin could decline towards $64,000.