Bitcoin
BTC$61 250.62

-2.84%

Ethereum
ETH$4 042.30

-2.55%

Binance Coin
BNB$482.49

0.74%

Cardano
ADA$2.16

-0.54%

Tether
USDT$1.000245

0.03%

Solana
SOL$204.24

0.80%

New report says Bitcoin price in more sustainable uptrend than 2019


22 Sep 2020

#Bitcoin

2020 is showing that investors are more skewed to hodling than speculating, says Delphi Digital, in line with various findings from the past few months. Bitcoin (BTC) hitting its highest in over a year was different from the 2019 bull run because exchange balances fell, a new report says.

Published on Sep. 21 and seen by Cointelegraph, Delphi Digital’s Bitcoin Outlook highlights unique trends in BTC price action.

Report: Bitcoin hodlers now have “longer time horizons”


According to the three researchers who compiled the report, Bitcoin reaching $12,500 last month had little in common with its run to $13,800 in 2019.

This is because exchange balances at the time increased, while this year, they continued falling despite price rises. As such, overall selling pressure among traders and investors is less this time around.

“Unlike the 2019 price uptrend, which coincided with BTC stock increasing, this current trend has seen a divergence between BTC stock and price,” the researchers argue.  “This suggests a more sustainable move upwards for BTC, in comparison to that of 2019 as data indicates a holder base with longer time horizons.”

The findings chime with other recent research into hodler behavior, with on-chain analyst CryptoQuant reaching similar conclusions regarding exchange balances.

Bitcoin held on exchanges has declined from all-time highs of 2.96 million BTC in February to press-time levels of 2.59 million BTC. BTC/USD is trading in a similar range to that date — $10,430 versus $9,580 on Feb. 20.

“Healthy” BTC demand laps up miner outflows


Continuing, Delphi notes that other factors could serve to change hodlers’ habits. For example, they could be using stablecoins as collateral for trades or simply leaving BTC on exchanges instead of making the effort to store them in private wallets.

“When price increases and BTC stock decreases, this indicates a BTC accumulation trend,” the researchers nonetheless state.

As Cointelegraph reported, Bitcoin volatility did produce brief periods of unrest for miners despite network fundamentals now sitting at all-time highs.

Inflows of BTC from mining pools to exchanges have seen several spikes in recent months, but as time goes on, Delphi notes, their impact is becoming less of an issue.

“On September 13th, we saw the largest daily yearly inflow coming in at 1114 BTC. Notably, this did not trigger negative price action,” the report adds.  “The recent large inflows (marked by the green bubbles) were met with sufficient bids, indicating a healthy demand side.”

On Twitter, Paul Burlage, one of the researchers, drew specific attention to the growth in Bitcoin whales now moving in tandem with price growth.

Going forward, threats to Bitcoin stability notably come from outside, with both safe havens and traditional macro assets hinging on strength in the U.S. dollar.

Source


Related

Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
The price of Bitcoin jumped towards its all-time high on Friday morning
The price of Bitcoin jumped towards its all-time high on Friday morning
Bitcoin to new all time highs?
Bitcoin to new all time highs?
Bitcoin approaches all-time high but hits resistance at $60,000
Bitcoin approaches all-time high but hits resistance at $60,000
New tickers and ARK filing shows Bitcoin futures ETF approval imminent
New tickers and ARK filing shows Bitcoin futures ETF approval imminent

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 250.62 -2.84% -0.77% $1 154 674 094 562 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $4 042.30 -2.55% 5.39% $477 150 448 535 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 60 $482.49 0.74% 2.70% $80 480 315 639 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 12 $2.16 -0.54% -2.20% $71 185 024 084 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000245 0.03% 0.09% $69 591 162 791 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 55 $204.24 0.80% 29.17% $61 440 079 262 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 51 $1.096102 -0.97% -3.88% $51 457 996 304 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60% 79 $44.55 -0.99% 2.11% $43 999 075 422 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 56 $0.246907 0.64% 4.09% $32 542 542 435 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000313 0.06% 0.09% $32 442 834 043 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 65 $43.44 5.78% 17.86% $17 443 010 900 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.79 -2.88% -0.74% $15 775 566 720 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 65 $66.57 4.10% 17.36% $14 663 644 845 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 265.73 -2.87% -0.84% $13 545 425 709 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $29.07 -0.32% 7.40% $13 401 075 815 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.