BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

BTC is Above $15k because of Long Term HODLers

by Chiwuike Owunwa
Dec 5, 2022 - 12:00 am
in Bitcoin
BTC is Above $15k because of Long Term HODLers

On the 4th of Dec 2022, Willy Woo, a Bitcoin analyst, announced that BTC is holding its prices all thanks to long-term hodlers.

If you're wondering why BTC is holding up against so much deleveraging, it's the long term hodlers, the Rick Astleys who aint giving up their BTC, that are absorbing the sells. Buying spot and adding to their stack. pic.twitter.com/eOxmTsN0vk

— Willy Woo (@woonomic) December 4, 2022

Since its fall from grace, Bitcoin has been fighting to get above the $20k price benchmark. And though it is yet to achieve that, it has been maintaining resistance against sell pressure. And long-term holders are still stubbornly holding on. Yet, they are doing more than just holding on. They are adjusting their positions and buying all available BTC, adding to their stockpile.

Unsurprisingly, the price drop attributed to the FTX crash is added to normal market friction. Participants in the crypto market were taken aback by Bitcoin’s recent fall. Nevertheless, Santiment, an analytics firm, clarified that the pioneering cryptocurrency is still fighting for survival amidst intense pressure.

Santiment tweeted on November 21 about the falling BTC/USD exchange rate. The research firm claims that the fear, uncertainty, and doubt currently surrounding central exchanges in the wake of the FTX crisis was to blame for the drop to around $15K. the lowest BTC has been in two years.

🧘 #Bitcoin dropped below $15.8k for the first time in 2 years, and address activity spiked to its highest level in over 6 months. #FUD due to lack of trust in exchanges historically benefits the patient, as we see $BTC continue moving into self custody. https://t.co/lz5FOkIkRX pic.twitter.com/6PKUA29nDE

— Santiment (@santimentfeed) November 21, 2022

But the incident also had a positive result. It may have influenced the recent surge in Bitcoin address activity, which has reached its highest level in six months. Users now understand the saying… Not your keys, not your crypto.

One of these faithful ‘hodlers’ is Cathie Wood. In a recent Peter McCormack’s podcast on October 21 titled “What Bitcoin Did,” the CEO of investment management firm Ark Invest, Cathie Wood, said that she had purchased $100k worth of Bitcoin when it was trading at around $250 and that she had not sold it to date.

If the above assumption is true, BTC assets are shifting from younger, less diamond hands to more experienced ones. And when this transition is completed, Bitcoin will enter a new phase.

Willy Woo is a firm believer in the stock-to-flow model based on the simple belief of demand and supply. BTC would rise in value because of its market scarcity and utility for people looking to shift from the regulated market.

Thus, the holders are reciting the words of Rick Astley. Never gonna give you up, Never gonna let you down, Never gonna run around and desert you.

All speculations point to a bullish rally in BTC’s price, expecting it to hit $17k.

Tags: BTCFTX
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Image of Itaú Unibanco Headquarters with a Bitcoin Symbol, Representing Its New Crypto Trading Services.

Itaú Unibanco Introduces Bitcoin Trading, Bolstering Crypto Services in Brazil

December 4, 2023

Brazil's Itaú Unibanco enters the cryptocurrency world, offering Bitcoin and Ether trading, marking a significant shift in Latin...

Illustration of Bitcoin symbol signifying its strategic role in U.S. National Defense and Cybersecurity.

US Space Force Officer Declares Bitcoin a National Strategic Priority for Cybersecurity

December 4, 2023

Space Force's Jason Lowery urges the United States to leverage Bitcoin for cybersecurity, marking a pivotal shift in...

Ethereum Team Lead Peter Szilagyi at a University, Expressing Concern Over Lack of Collaboration.

Ethereum Team Lead Expresses Frustration with University’s Apathy Towards Collaboration

December 3, 2023

Peter Szilagyi, Ethereum's team lead, highlights the disappointing lack of enthusiasm from universities in fostering student collaboration with...

Graphic illustration showing the merger between Hut 8 Mining and US Bitcoin Corp into New Hut Corporation.

Hut 8 Mining Merges with US Bitcoin Corp to Form New US-Based Entity

December 1, 2023

Hut 8 Mining Corporation and US Bitcoin Corporation merge to form a US-domiciled entity, New Hut, in a...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise