Last time this happened, Bitcoin went to the moon, says on-chain analytics company

In a tweet published this Sunday (9), Santiment, one of the most famous on-chain analytics companies, revealed a growth in the number of Bitcoin long-term holders.

He then noticed that this trend resembles the beginning of the year 2021, when Bitcoin jumped from $29,000 to $64,000 in just three months.

In addition, Glassnode, another famous on-chain analytics company, pointed out that more than half of bitcoins have not moved in the past two years. That is, investors are patient with their investments.

Bitcoin May Repeat 2021 High

With a price of $29,100 at the time of writing, Bitcoin is at the same level as it was in January 2021. In the following months of that year, the largest cryptocurrency in the market skyrocketed to $64,000, its highest price to date.

In the spotlight, Bitcoin traded close to $29,000 in early 2021, before skyrocketing to $64,000 in April of that year.

In addition to the strong driving movement, analyst firm Santiment found that another pattern is currently repeating itself. As a highlight, it points to investors being calm despite the long winter and excellent Q1 2023.

“There is an increasing number of #hodlers (long term holders) of #Bitcoin as traders seem increasingly content with keeping their portfolios unchanged for the long term”he wrote to Santiment. “We saw a similar trend between January 2021 and April 2021, when BTC rose above $64,000 for the first time.”

Glassnode shares other on-chain data that reinforces Santiment’s vision

Following this, data from Glassnode also reveals the growing number of long-term Bitcoin investors, currently at an all-time high.

“More than 1 in 2 bitcoins in circulation has not been moved in the past 2 years”Anthony Pompliano wrote this Sunday while sharing Glassnode data. “We hit a new record of 53% today.”

Pomp continues his analysis, also pointing out that 29% of bitcoins have not moved between wallets in the past 5 years. Finally, he points out that 15% of all bitcoins have been dormant for more than 10 years, meaning they are likely to be inaccessible or in the hands of highly disciplined investors.

Finally, data from BitInfoCharts indicates that nearly 1 million addresses currently hold more than 1 Bitcoin in their balance. Next, note that there are 72,801 millionaire Bitcoin investors (in dollars).

Distribution of all bitcoins in circulation on the market. Source: BitInfoCharts.

Source: Live Coins

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