‘Bitcoin’s bottom is in,’ reports Delphi Digital based on UTXO age trend of BTC Hodlers

Delphi Digital’s detailed report on Bitcoin’s balances highlighted Bitcoin’s hodlers and how they are holding strong.

The report stated,

“We continue to believe the bottom is in. The 1 year+ holder rate during the potential December bottom is within 1% of the 1 year+ holder rate during the previous ’s bottom in of 2015.”

According to their December 2018 report, Delphi Digital predicted that Bitcoin will bottom by the end of Q1 2019. Adding more credibility to that forecast was their analysis of the age trends for Bitcoin and its comparison to previous cycles. The report added,

“Assuming the current ’s price did in fact bottom in December, the 1 Year + holder rate was 53.9% at the time, which falls right in line with the 1 year+ holder rate of 53.5% during the price bottom of the previous cycle in January 2015.”

Source: Delphi Digital

The report also mentioned how the volume has risen over recent months and as of April 2019, 63.1% of Bitcoin hadn’t been moved. By the end of November, the 1 year+ hodler rate was 52%, 57% by the end of January, and 60.3% a week into March. There’s a clear slowdown in this trend, with the 1-year hodler rate growing by less than 1% in weeks.

The report added that slowdown of the balances was clear and that it,

“… likely marks the end of the high growth period in the 1 year+ rate, which makes sense considering the pricing environment and the waning level of new interest we were seeing at this point last year. We also show how this scenario played out during the previous two cycles.”

The report added that as the bottom became more apparent, users who hodl Bitcoin also increase and that they could “comfortable hold their Bitcoin for longer time horizon.” This was due to the users’ notion of Bitcoin exhibiting a generally upward trajectory in the near future.

The post ‘Bitcoin’s bottom is in,’ reports Delphi Digital based on UTXO age trend of BTC Hodlers appeared first on AMBCrypto.

Post written by our friend Akash Girimath and from ambcrypto
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