Bitcoin Price Drop: Could Long-Term Holders Be Setting the Stage for a Surge?

Bitcoin price has recently dropped to $59,451, but with long-term holders controlling 75% of the supply, a strong upward momentum could be on the horizon.

Is Bitcoin gearing up for a significant move? As the current price hovers around $59,422.70, many are questioning whether BTC is in a stable position. However, some factors suggest that a strong momentum might be imminent, with long-term holders playing a crucial role in this potential shift.

Long-Term Holders’ Dominance in the BTC Market

Currently, long-term holders dominate the Bitcoin market, holding at least 14.82 million Bitcoins. This means that approximately 75% of the total BTC supply is controlled by these steadfast investors. A recent post on X by CryptoQuant highlighted that in the past 30 days, these long-term holders have added at least 262,000 BTC to their portfolios.

The chart accompanying the report illustrates the total change in the amount of Bitcoin held by long-term holders over the last month, confirming the accumulation trend. This significant accumulation could be a bullish signal, indicating that these holders expect the price to rise.

Bitcoin Market General Overview

As of now, Bitcoin’s price stands at $59,451.24, marking a 14.4% drop over the past 30 days. At the beginning of the month, BTC was priced over $65,216, but it faced a sharp decline soon after, hitting a monthly low of $53,987 on August 5th. On that day, the 24-hour trading volume peaked at $435.756 million. Despite a brief recovery with a green candlestick on August 8th, the volume was significantly lower at $225.652 million, and the market has since moved sideways within a range of $57,612 to $64,230.

The current trend is not favorable, with the market forming a red candlestick yesterday and continuing to fall from an opening price of $62,734 today. In the last 24 hours alone, the price has dropped by 5.9%.

Conclusion

The Bitcoin market is currently dominated by long-term holders, who are less likely to react emotionally to price fluctuations. This strong foundation suggests that while the market may be experiencing a downturn now, the likelihood of a sharp fall is reduced. Instead, there is a high potential for strong upward momentum as these holders maintain their positions, anticipating a price surge in the near future.

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