Major Bullish Indicator Bitcoin’s Long-Term Future. 900,000 Wallets Holding 1 Full BTC. Smart Traders in the Crypto Market Buy Low Sell High.

1 min read

This MAJOR Indicator Of Bitcoin’s Long-Term Future Just BROKE ALL-TIME HIGHS….“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” Warren Buffet

There are more than 900,000 wallets with at least 1 full Bitcoin in them, according to data from the blockchain explorer Glassnode.

In addition, wallets holding at least 0.1 BTC are also at an all-time high.

This is considered a major long-term bullish indicator…

This reflects that investors are taking advantage of the current bear-market low prices as they continue accumulating Bitcoin with a plan to hold it for months or even years.

Bitcoin’s price is 72% below its historical maximum, reached 10 months ago in November 2021, at almost USD 69,000.

If you believe Bitcoin will return to previous highs (as it always has), you understand why someone would want to take advantage of the current price.

Here’s where things get weird…

In 2021, while Bitcoin’s price was on the rise with heavy demand fueling price gains, the number of wallets holding 1 Bitcoin declined.

But as you can see from the chart, the amount of 1 or more Bitcoin has steadily increased throughout 2022… as the price dropped.

Wallets Holding 1BTC or more are on the rise (yellow) while price declines (black)

What does this mean?

These are the smart traders. Those with experience learn to buy at the bottom and sell at the top.

As Wall Street traders continue to cross over into crypto, it’s no surprise that we’re seeing more experienced investors in the crypto market.  Where many see a ‘crash,’ they see an ‘entry point.’

Remember Warren Buffet’s famous advice – “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” – in other words, buy when everyone else is selling.

But even with a record number of savvy traders, there isn’t enough of them to move Bitcoin’s price upwards, but they do probably deserve some credit for Bitcoin staying stable in its current $18k – $21k range.  So far, when Bitcoin has gone below $20k, it soon finds people ready to buy.

A return to a bull market will be fueled by tens of thousands buying hundreds of dollars worth of Bitcoin, not hundreds of people buying thousands worth.

Source

Breaking Crypto News