Why Bitcoin Could See A 2020 Like Rally

After a rough couple of months, this week started with a strong upward movement from Bitcoin as the coin broke out above the $45,000 level on Monday to $48,215 before fluctuation, thus erasing yearly losses and anticipating a $50,000 target. Despite the decline over the year, a large amount of the coin was never sold. A scenario that shows how holders strongly believe in the long-term game and remain surprisingly calm over a period of turmoil. Building Up To A Rally Senior Analyst Dylan LeClair noted that, as Bitcoin is trading at around $48,000, “there has only been one other time that the percentage of supply that hadn’t moved in over a year was at this level,” which was during September 2020. On the mentioned date Bitcoin recovered from the dramatic crash of march 2020. The strong bounceback saw a 185% hike in the prices, taking to coin to over $10,000. A high number of committed ‘hodlers’ had also kept their BTC dormant despite the extreme swings in prices during the year. This was followed by a performance that catapulted Bitcoin’s reputation amongst investors as “digital gold”. It closed the year trading at record highs of close to $30,000, outperforming gold with an increase of 416% over the year. Brett Munster at Blockforce Capital had also noted last week a near-record highs percentage of the total Bitcoin supply that hasn’t moved in over a year, further pointing out tha...