Bitcoin’s price might be about to surge, according to some interesting data. Long-term holders, those who’ve never sold their Bitcoin, are buying up more coins. This could mean good things for the price of Bitcoin.
What are “Permanent Holders”?
“Permanent Holders,” also called “Accumulation Addresses,” are Bitcoin wallets that have only ever bought Bitcoin and never sold any. These aren’t miners or exchanges—those groups tend to sell Bitcoin, creating downward pressure on the price. Permanent Holders, on the other hand, represent locked-in, long-term investment.
The Buying Spree is Back
Recently, these long-term holders significantly reduced their buying activity. This coincided with a slowdown in Bitcoin’s price increase. However, things are looking up! Data shows a sharp increase in buying from these long-term holders. This buying surge has pushed the demand indicator above its 30-day average—a pattern that has historically preceded price rallies.
What Does This Mean for Bitcoin’s Price?
While these “permanent” holders will eventually sell, they’re likely to hold for a considerable time. Their continued buying is generally seen as a positive sign for Bitcoin’s future price. If this buying trend continues, it’s likely to push the price up. A slowdown in buying, however, could mean a flat price for Bitcoin.
Current Bitcoin Price
Bitcoin’s price is currently hovering around $98,700, and it’s a bit unclear where it will go next. But the increased buying from long-term holders is definitely something to watch.
