In a recent tweet, renowned cryptocurrency expert CryptoCon, known for his expertise in Bitcoin technical analysis, unveiled a fascinating observation regarding the 2 Week Bitcoin Super Trend. According to his findings, this trend holds two significant implications for the future of Bitcoin.
The first key takeaway shared by CryptoCon highlights the importance of meeting resistance around the trend flip, which is currently transpiring in the market. He emphasizes that encountering resistance at this stage is not only normal but also healthy for the overall trajectory of Bitcoin.
Additionally, the analyst asserts that trend resistance often precedes massive bull runs. This insight suggests that investors and enthusiasts should remain patient as it indicates higher prices are on the horizon. By exercising patience, individuals may have the opportunity to position themselves strategically and potentially reap substantial gains in the future.
To support his claims, CryptoCon shared a chart that encompasses Bitcoin price analysis spanning from 2012 to 2023. The chart serves as a visual representation of the top prices Bitcoin has achieved throughout this period, along with instances of healthy resistance.
This historical perspective bolsters his argument, providing evidence for the patterns he believes are currently unfolding in the market.
The insights shared by CryptoCon have stirred excitement within the cryptocurrency community, as investors and traders eagerly anticipate the potential for higher BTC prices. His tweet has garnered significant attention and sparked discussions among enthusiasts who are seeking to capitalize on these observations.
Significant Increase In Dormant Bitcoin Supply Aged 5-7 Years
Meanwhile, in a tweet, Glassnode, a prominent blockchain data provider, shared a fascinating revelation regarding the Bitcoin supply that remained inactive for a period ranging from 5 to 7 years. The tweet highlighted a remarkable surge in the size of this particular supply category, with a staggering acquisition of +862,000 coins during the 2018 topping formation.
These newly acquired coins remained dormant throughout subsequent market events, including the 2019 Bear Market, the COVID-19 Crash, and the LUNA/FTX contagion. However, they have now successfully completed what Glassnode refers to as the “maturity gauntlet,” entering the 5-year age band.
This substantial expansion in supply has had a direct impact on the Market Capitalization (Market Cap) of the total coins aged 5 to 7 years, catapulting it to an all-time high (ATH) of $49.9 million. This remarkable achievement underscores the increasing value and significance of these long-held Bitcoin assets.
Nevertheless, the influx of these coins into the 5-year age band implies a potential shift in the market dynamics and introduces new variables that may impact Bitcoin’s future price trajectory.
Whereas, as the market eagerly follows the developments surrounding Bitcoin, CryptoCon’s analysis offers a valuable perspective that could guide investment decisions and shape the future of the cryptocurrency landscape.
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