Bitcoin’s recent price movements have not sent any encouraging signs to the average investor. The bear market has remained persistent, with neophyte investors witnessing their first elongated Crypto Winter. Nevertheless, on-chain analysts are noticing an imminent light at the end of the tunnel, as a large percentage of the total BTC supply has remained unmoved for over a year.
Researchers believe the bottom is close
Researchers and on-chain analysts Nik Bhatia and Joe Consorti published an article dubbed “Ebbing HODL Waves Signal Bitcoin Bottoms” late Friday. The article discussed coin dormancy on the Bitcoin blockchain and how this impacts the asset’s prospects.
According to the article, an extensive period of BTC dormancy indicates a market bottom, per historical data. “As bitcoin movement diminishes, a reliable floor is being set underneath the spot price,” the article said. The analysts also mentioned that the markets are already preparing the way for the next uptrend from here....
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