What Bitcoin HODLers are up to as BTC targets $45K

Journalist

Posted: December 23, 2023

• Bitcoin holders have increased by over 2 million in the last two months.
• BTC has dropped from the $44,000 price range.

There’s been discussion about Bitcoin’s [BTC] bull market accumulation, given its fluctuation within the $40,000 price range. The question now is: What stage of accumulation are we presently in?

Bitcoin hodlers continue accumulating

A recent IntoTheBlock post compared the ongoing bull market and the aggressive accumulation behavior of Bitcoin holders.

The analysis illustrated that in past bull markets, traders initiated accumulation when the price of BTC started to recover. Initially, accumulation occurred at a measured pace, likely to confirm the sustainability of the price rebound.

As the rebound persisted, accumulation intensified. Subsequently, hodlers began selling off once the price reclaimed its previous all-time high, coinciding with the entry of new traders into the market.

The chart indicates that the current phase aligns with the price rebound stage. Bitcoin has been experiencing an upward trajectory since reaching a low earlier in the year.

However, it has yet to reach the $60,000 price level, its previous peak. This suggests that the accumulation phase is likely to persist.

The Bitcoin hodlers net position change

An examination of Bitcoin Hodler’s net position change on Glassnode indicates a sustained positive trend over recent months. This signifies that long-term holders have been consistently entering new positions, with only a few wallets cashing out.

The current status of this metric signals an ongoing accumulation phase, with the figure standing at over 23,000 at the time of this writing.

Source: Glassnode

Bitcoin holders increase by over 2 million

An examination of the trend in Bitcoin holders reveals a consistent increase over the past few months. Analysis of the chart illustrates a growth of over 2 million holders between October and the current date.

In early October, the count of holders stood at around 49 million, and at the time of this writing, it has risen to over 52 million.

Source: Santiment

 Read Bitcoin (BTC) Price Prediction 2023-24

Bitcoin drops to the $43K price range

In the recent daily timeframe price trend of Bitcoin, it traded above $44,000 in the previous trading session. This followed a significant price drop that brought it back to the $41,000 range, having previously reached $44,000 a few weeks ago.

As of this writing, Bitcoin was trading at around $43,700, reflecting a decrease of less than 1%. Given the current price range, it suggests that accumulation is likely to persist until there is a breakthrough into the $60,000 price range.

Source: TradingView