Bitcoin 'Hodl Wave' Data Has Now Been Calling a Bull Run for 5 Months

Hodl waves show that over 60% of the supply has not moved for a year or more, something which historically has signaled price upside.

Listen to article Markets News Bitcoin is more likely to be at the start of a new bull market than at any time since 2016, new data covering investors suggests.

Noted by Phillip Swift, creator of monitoring resource Look Into Bitcoin, the data shows that 60% of the Bitcoin supply has not moved from its wallet in over one year.

The last time that such a large amount of the supply had remained stationary for that long was in 2016 - just before the start of the bull run, which sent BTC/USD to $20,000.

Looking at Swift's accompanying chart, there is a strong relationship between the amount of supply lying dormant and subsequent upward price action.

60% of all bitcoin has not moved on the blockchain for at least 1 year.

The last time this happened was in early 2016, at the start of the bull run.

The chart shows patterns of Bitcoin supply movement known as "Hodl waves." The 60% mark suggests that Bitcoin is at the most advantageous point in its current "Wave" for long-term investors.

As Cointelegraph reported in March, similar data from Unchained Capital previously revealed that those who bought BTC during the 2018 crash to $3,100 are also holding onto their investment.

At the time, one popular Twitter commentator described their actions as "Insane."