Even though the price of Bitcoin has been rising over the last few months, we see that long-term holders are still hodling their Bitcoins. The one-year hodl wave has now reached a staggering 70.8 percent. It should not be overlooked that these figures include a large number of lost Bitcoins and that there are now more educated Bitcoin users who want to hold their Bitcoins in the long term for several years.
We can expect the one-year hodl wave to subside later in the cycle as the price accelerates upward and people start taking profits.
BTC, which rose by 28.26 percent in October due to Spot Bitcoin ETF and Bitcoin halving expectations, continues its strong outlook with a rate of 9.14 percent as the end of November approaches. In this article, we will try to understand whether this trend will continue or not.
With the influence of these fundamental data, with the weekly closing above $ 34,000 last month, there is a strong possibility that the new accumulation zone will be between $ 34,000 and $ 47,000.
In the early stages of bull markets, the x1.6 coefficient of the Gold Ratio Multiplier (green line) at $43,116 will appear as our first resistance area. If the BTC price rises towards this level over the next few weeks, it will average out to somewhere between $44,000 – $47,000. These band gaps may appear as an area where long-term investors will want to take profit.
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