8.5 C
October 3, 2022
Image default

Analyst: Hodlers will be the biggest Bitcoin winners this year

Bitcoin holders had many reasons to celebrate in 2020 and more is yet to come

“HODLing”, a crypto language that means “save to protect your life”, has been cited as the most beneficial method for making a lot of money with Bitcoin. The faltering movement of the cryptocurrency market is known to trigger different trends at any time.

The market’s reaction to this unstable movement is then reflected in the technical charts, which end up giving signals about the direction of the cryptocurrency. At no time do technical indicators correctly point to the next step for digital assets, hence the need for fundamental analysis. One of the most referenced for profit accumulation has always been HODLing and, as a recent post by a crypto analyst on Twitter suggests, holders have the best chance of grabbing the biggest piece of the pie.

The CTO of Glassnode’s on-chain analytics platform has taken on the responsibility of reassuring the community about the importance of key indicators, many of which are at the highest levels ever.

It is no surprise that BTC whales are at an all-time high. These big players were credited with the peak price and possible future price eviction, although retail investors played a bigger role in the recent Bitcoin settlement, which brought prices close to the $ 30,000 levels.

The increase in the number of whales holding at least 1 BTC may also not be as surprising when market sentiment is considered at this time. The price hike in November last year was an entry point for buyers who anticipated the hike, so whale addresses are expected to reach the top. Bitcoin fundamentals are also improving and the spike in the hashrate, which coincided with the start of the high is a perfect indicator of that.

BTC / USD chart by TradingView

Historically, hodlers are the ones who make the most money from Bitcoin, but those profits do not come immediately. It is necessary to go through as many bear markets as necessary until the price inversion begins. In the early days of Bitcoin, when there was intense uncertainty in the market, holdar may not have been the most attractive investment strategy, but moving forward to 10 years, having just $ 1000 in Bitcoin would make anyone a multimillionaire.

Likewise, retaining your Bitcoin for the next decade may be the most profitable strategy as the market is still in its early stages. In 2021, Bitcoin is expected to appreciate at least 185%, bringing the price to at least $ 100,000 at the end of the year. Again, only long-term hodlers are well positioned to take home the biggest cake.

Source: ZyCrypto

Related posts

$500 million was liquidated yesterday in the fall of Bitcoin

Anupreet Kaur

Former Microsoft employee sentenced to 9 years in prison –

Aparnna Hajirnis

JP Morgan Bank analyzes the value of Bitcoin. It is a service for the most affluent customers –

Aparnna Hajirnis

Leave a Comment