In less than three months, long-term holders have increased their holdings of Bitcoin by over 330,000.
Many friends have sent messages asking whether $BTC around $60,000 was a bottom and whether the final drop has already passed.
From my personal point of view, the final drop has definitely not happened yet, but whether it will happen is uncertain, because in my definition, the final drop corresponds to a significant decline similar to an "economic recession," but so far there hasn’t been any indication of that; even when it dropped to $60,000, the U.S. economy did not show any obvious recession.
So whether it is the bottom is hard to say, but as I have been saying in my daily work, Bitcoin below $70,000 is very attractive for investors.
From the data of Bitcoin that has not moved for more than 155 days, it can be seen that in the last year, when the price of Bitcoin was below $70,000, it was clearly observed that long-term holders increased their BTC holdings, with over 330,000 Bitcoins bought by long-term holders during this period.
Correspondingly, the BTC supply on exchanges continues to decline, which also indicates:
1. Low prices not only do not force long-term holders to surrender but instead encourage them to accumulate.
2. Prices below $70,000 have already become a bottom-fishing expectation for many investors.
3. Currently, the long-held BTC is nearly 1.477 million, less than 60,000 Bitcoins away from the historical peak.
4. The vast majority of BTC holders are not interested in the short-term price movements of Bitcoin.
5. More and more investors show little interest in short-term trading of Bitcoin (exchange inventory is declining).
Therefore, it's hard for me to say that Bitcoin is currently in the bottom range, but it can be seen that investors are at least very interested in costs below $70,000, even though BTC is currently close to $80,000, the buying from investors has not clearly slowed down.
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