The crypto markets are testing the patience of investors this year as Bitcoin is struggling to register a bullish rally. The leading crypto has not rallied in the last nine months and it has decreased in value month-over-month. Investors are looking into different strategies on how to manage their finances in the ongoing bear markets and one among them is to ‘hodl’. Data shows that most Bitcoin holders have adopted the ‘hodl’ culture and sticking with their investments in the long term.
Also Read: Here’s How Many Times Bitcoin was Declared ‘Dead’ Since its Inception
Data from Galassnode shows that the amount of Bitcoin ‘HODLed’ reached its 5-year high on Friday. A total of nearly 7.5 million Bitcoins have been held by different wallets which are approximately worth a staggering $143.74 billion.
A total of 7,495,059.588 BTC has been ‘HODLed’ since 2017. You can check more details about the development here.
“Bitcoin BTC. Amount of HODLed or Lost Coins just reached a 5-year high of 7,495,059.588 BTC. Previous 5-year high of 7,494,986.961 BTC was observed on 19 October 2020,” tweeted Glassnode.
Also, it is worth noting that the 7.5 million Bitcoins include a mix of ‘HODLed’ and lost coins. Many a time, investors would have lost their seed phrases and be in a position to recover their BTC holdings.
Also Read: Crypto Tycoon Doubles Down on Bitcoin to $11K ‘Crash’ Predictions
Bitcoin: Bull or Bear Friendly?
Now that Bitcoin has reached $18,500 levels multiple times, several analysts have predicted that today is the right time to buy BTC. However, crypto analyst Jim Wycoff told Kitco News warning investors not to buy BTC at the current levels.
He termed that the markets are still the “bears friend” as a bull run is likely not possible in 2022. Wycoff predicted that the bears carry a technical advantage as Bitcoin is unable to hold on to its resistance levels of $19,000. BTC is expected to face further correction and the present $19,000 levels might be seen as a high in the coming months.
Also Read: Bitcoin Not Looking So Good Right Now: Analyst
At press time, Bitcoin was trading at $18,993 and is down 0.53% in the 24 hours day trade. BTC is also down 72.5% from its all-time high of $69,044, which it reached in November last year.