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'It will send BTC' — On-chain analyst says Bitcoin hodlers are only getting stronger

Published 12/06/2020, 05:34 AM
Updated 12/06/2020, 07:20 AM
'It will send BTC' — On-chain analyst says  Bitcoin hodlers are only getting stronger
BTC/USD
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According to on-chain analyst Willy Woo, the price of Bitcoin (BTC) could achieve a "conservative" target of $200,000 in 2021. The prediction revolves around the fact that long-time investors seem more confident in the recent rally.

There are two key data points that suggest Bitcoin’s ongoing rally could explode higher. First, “HODLers,” or long-time BTC holders, aren't moving their funds for longer than in previous rallies. Second, BTC held on exchanges continues to decrease, which reduces selling pressure.

Bitcoin market cap gain per dollar invested. Source: Woobull.com
Bitcoin HODL waves. Source: Glassnode, Unchained Capital

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