While the USD valuation of bitcoin is far from its all-time high (ATH) levels registered in November 2021, the primary cryptocurrency reached a peak in terms of percent supply last active over three years ago.
As revealed by Glassnode, the figure has recently surged above 40%. The percentage has been on the rise since the prolonged bear market began at the start of 2022.
View metric:https://t.co/ari6mxFMpi pic.twitter.com/TesXQDyXSq
— glassnode alerts (@glassnodealerts) September 17, 2023
The newly established peak could signal that some Bitcoin investors defy the ongoing unfavorable digital asset market conditions and declining prices, standing as solid HODLers.
According to numerous analysts and experts, the crypto winter might be near its end, meaning that bulls could enjoy a fresh rally in the foreseeable future.
Glassnode’s co-founder recently predicted that BTC is heading towards the short-term goal of $30,000, while others have laid out much more optimistic forecasts.
Robert Kiyosaki (the author of the best-seller Rich Dad, Poor Dad), Adam Back (CEO of Blockstream), Tom Lee (Managing Partner at Fundstrat), and Anthony Scaramucci (former White House official) are among those envisioning that the price of the primary cryptocurrency will sooner or later surpass $100,000.
Analysts of Pantera Capital have also been bullish, predicting that BTC could blast to almost $150K in the next year, prompted by the halving scheduled for next spring.
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