Bitcoin price will soon return, bullish signs are very positive

According to Glassnode, the ill-liquid Bitcoin supply has exceeded the circulating supply for the first time in three years. Rafael Schultze-Kraft, co-founder of Glassnode and online chain analyzer sees this as an upcoming bullish sign for Bitcoin price.

Bitcoin price will soon return, bullish signs are very positive

The lack of liquidity suggests that more market participants choose to accumulate more Bitcoin, as they believe that BTC will continue to rise. Although Bitcoin fell more than 7.5% along with the entire market on a bloody Monday, February 22, investors believe this is just one of the potential corrections ahead of the top cryptocurrency. reach much higher heights.

bitcoin-price-will-soon-return-bullish-signs-are-very-positive

Source: Glassnode

We can see the less liquid Bitcoin in the blue strip on the chart above. Bitcoin has been continuously accumulating from 2010-2021, showing that investors still believe in the potential of BTC and do not want to sell. The orange and red bands represent the most frequently traded, highly liquid bitcoins that represent a relatively small percentage of the long-term Bitcoin holdings.

Currently, there are over 14.5 million BTC that are believed to be non-liquid. Meanwhile, the supply of liquidity plummeted, down to 4 million BTC worth about $ 189.5 billion. Other Glassnode co-founders, Jan & Yann, also shared this view that the Bitcoin bull run is likely to continue.

Besides, he also emphasized that Bitcoin miners are gradually participating in the long-term holding of BTC rather than selling for business profits, while the number of BTC is less and less.

Time will tell whether the current situation is really bullish for Bitcoin. Currently, BTC is above $ 46,900, down more than 9% daily. Bitcoin billionaire Tyler Winklevoss, however, thinks the region’s price from at least $ 45,000 is an area full of opportunities, possibly hinting that this is a good time to buy.

Perhaps, Microstrategy and Square were trying to capitalize on this decline in BTC. While MicroStrategy decided to buy another $ 1 billion in Bitcoin, Square is increasing its BTC reserves by investing an additional $ 170 million in Bitcoin – BTC sales via Cash App reach $ 4.57 billion.

Strong institutional trades have also been seen on top cryptocurrency exchanges. On February 24, Coinbase Pro recorded more than 13,000 BTC flowing out of the exchange. CryptoQuant CEO Ki-Young Ju explained that investors continue to buy BTC in anticipation of the next Bitcoin bull run.

You can see the BTC price here.

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