New reports have shown that in the past year, a major chunk of Bitcoin had not moved from their placeholders. This has rejuvenated the spark of joy in the Bitcoin sphere.
The Bitcoin community recently discovered that 12.58 million Bitcoin had not moved from wallets or any other storage medium since January 7, 2019. In that time period, Bitcoin had seen a price increase up of 70 percent which would have usually been selling trigger points.
In 2019, Bitcoin had risen to $12,974, a peak that it could not create after. Since then Bitcoin has dropped several points to currently trade near the $7900 mark causing the communities to rally behind it. HODLers will also be happy to know that the Bitcoin market cap had gone above the $140 billion mark to settle at $143.446 billion.
Some analysts believe that HODLers have been hanging onto their assets because the market was in a reaccumulation phase. This may also mean that the market was far from the end of the ongoing bull market. If market trends are checked, it becomes apparent that there are cases of price surges during Bitcoin halvings. The next Bitcoin halving is slated to occur during May of this year, an event that has been highly anticipated.
HODLers know that if they hold onto their assets for a few more weeks, it may lead to the potential growth of multiple factors. Some parts of the community have even speculated that halving has the chance to boost Bitcoin to 2017 December highs or maybe more. Parts of the community have advised others to keep on stacking Bitcoin to their portfolio as it was a sure shot to grow.
There have been earlier studies that showed that a Bitcoin halving does not necessarily mean a sustained price hike, but may show some minor discrepancy or other. In some earlier halvings, the prices did climb but later capitulated into a price plateau. We can only wait and see if the price continues to climb come May 2020 and if so, whether it will be a for longer periods of time.
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