74% of Bitcoin remains stable for 6 months as investors bet on long-term value despite price drop

Around 74% of bitcoin (btc) hasn’t moved in more than six months, despite a 21% drop from its all-time high, as investors increasingly view it as a long-term store of value.

Just a week ago, on-chain data from Glassnode showed that around 45% of the btc supply had been idle for at least six months.

The amount of stationary btc has since increased. resurrected to more than 70%.

<img decoding="async" alt="Short-Term Holders Find Themselves Underwater Amid bitcoin Sell-Off: Glassnode – Unchained” src=”https://technicalterrence.com/wp-content/uploads/2024/08/74-of-Bitcoin-remains-stable-for-6-months-as-investors.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/08/74-of-Bitcoin-remains-stable-for-6-months-as-investors.jpg" alt="Short-Term Holders Find Themselves Underwater Amid bitcoin Sell-Off: Glassnode – Unchained”/>

Short-term equity holders are currently underwater

Following btc's correction after hitting a new all-time high, analyst James Check noted that over 80% of short-term bitcoin investors, which are investors who have held btc for less than 155 days, are currently in the red.

This is because many short-term holders acquired btc at rates higher than its current price.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”14.778666666667″>

At this time, more than 80% of twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Short-term holders are underwater, meaning their coin was acquired at a price higher than the current spot price.

This is similar to what happened in 2018, 2019 and mid-2021, which indicated that many investors were at risk of panicking and precipitating a downtrend. photo.twitter.com/8jM7PBqh5z

— _Checkmate (@_Checkmatey_) twitter.com/_Checkmatey_/status/1825328497067540737?ref_src=twsrc%5Etfw”>August 19, 2024

In an Aug. 19 post on x, he noted that of the 4.32 million btc held by short-term investors, 3.45 million coins were purchased at a price higher than the current market rate.

This, according to the analyst, is similar to what happened in 2018, 2019 and mid-2021. In the previous cases, a downward trend was initiated, prompting Check to warn of a similar trend developing soon.

Analyst predicts “parabolic” rise for bitcoin in September

Cryptocurrency investor sentiment is bearish. Over the past 24 hours, the crypto Fear and Greed Index dropped 3 points from 31 to 28, indicating that there is fear in the market.

That's a slight improvement from the extreme fear score of 25 just a week ago, but a substantial decrease from last month's greed score of 74.

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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc

bitcoin is ~125 days away from Halving

bitcoin tends to enter the parabolic phase of the cycle about 160 days after the halving.

If history repeats itself, bitcoin could be just over a month away from hitting its all-time high

That's at the end of September.twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin image.twitter.com/iy7xmDjuso

-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1825167403895922825?ref_src=twsrc%5Etfw”>August 18, 2024

Despite the negative sentiment, trader and analyst Rekt Capital said in an Aug. 18 x post that btc could enter a “parabolic” breakout following the April halving.

In the past, bitcoin btc price has entered a strong move 160 days after the historic event. If history repeats itself, btc could rise in September, according to the analyst.

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