“7 out of 10 bitcoins are stored in wallets for 6 months”… A sign of price increase?

[Provided by Pixabay], ‘Despite a 20% drop from its all-time high in March, analysis shows that most of the Bitcoins held in wallets have not been sold or moved in the last 6 months.’,
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, ‘On the 18th (local time), U.S. cryptocurrency news outlet CoinTelegraph reported, citing Glassnode on-chain data, that “about three-quarters of all circulating Bitcoins (BTC) have not moved in over 6 months.”‘,
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, ‘According to this data, about 74% of Bitcoins have been dormant up to now this year.’,
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, ‘CoinTelegraph diagnosed that “the dominance of old coins indicates that long-term investors are increasingly holding BTC as a store of value and expecting future price increases.”‘,
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, ‘Furthermore, the trend of holding could reduce the supply of Bitcoins available for trading, leading to price increases.’,
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, ‘However, there are opposing views.’,
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, ‘On-chain analyst James Cheek analyzed that “more than 80% of short-term Bitcoin holders acquired Bitcoin at prices higher than the current price, so they are in an ‘underwater’ state.”‘,
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, ‘He warned that “if these individuals panic sell like they did in the past few years, it could lead to larger declines.” Short-term holders refer to investors who have held Bitcoin for less than 155 days.’,
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, ‘He also stated that “this is similar to 2018, 2019, and mid-2021” and added that “many investors are at risk of triggering a downtrend by falling into panic.”‘,
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, ‘Overall market sentiment in the cryptocurrency market still shows weakness.’,
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, ‘As of 5:48 PM on that day, the price of Bitcoin on the cryptocurrency market information site CoinMarketCap is trading at around $58,595, down 1.76% from 24 hours ago.’,
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, ‘This is a decrease of over 8% compared to a month ago.’,
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