It's going to take a lot more than $10k for most BTC HODLers to sell...
This break of $10k looks very different than previous $10k tests...
BTC HODLers appear to be looking for much higher prices than the current $10k surge we are seeing right now.
Based on a very interesting chart put out by glassnode using the the Bitcoin Days Destroyed indicator, it looks like this time around people are not selling as bitcoin approaches $10k.
The data can be seen here:
(Source: https://twitter.com/glassnode/status/1287411639503990785/photo/1)
As you can see, the previous two times that bitcoin got up around $10k, the BDD (Bitcoin Days Destroyed) metric also shot way up as well...
This time around, the metric hasn't really budged at all...
Interesting.
Ok cool, so what exactly is the Bitcoin Days Destroyed metric and what is it telling us?
I'm glad you asked!
The Bitcoin Days Destroyed metric is basically a measure of the transaction volume of bitcoin.
More specifically it gives higher weighting to coins that haven't moved in a long time.
It's calculated by taking the number of Bitcoins in a transaction and multiplying it by the number of days it has been since those coins were last spent.
For example...
If someone has 10 BTC that they received a week ago and they spend it then 70 bitcoin days have been destroyed.
Still slightly confusing, I know, but basically as it stands now it seems to be telling us that the last two times bitcoin made a run at $10k, hodlers used that as an opportunity to sell or take profits.
This time around, they are not doing that.
How come HODLers are not selling on this $10k test?
It could be one of two things in my opinion...
Either these HODLers think the price is going higher now on this 3rd test and they don't want to sell this time around, after all a triple top is like a camera-shy Kardashian, it doesn't really exist.
Or...
It's the weekend and many haven't been able to sell just yet, or aren't paying attention just yet.
We will have a clearer idea tomorrow when the stock market opens, the new weeks begins, and we have updated data on the bitcoin days destroyed metric.
As it stands now though, it looks like the price could go a lot higher based on the fact that hodlers are continuing to hodl.
I know I won't be selling any around the current levels.
Stay informed my friends.
-Doc
You are right, this time it seems that BTC is going to rock, Price of BTC may go much higher and remain steady there.
Looking like there is a ton of follow through today already.
As of right now Bitcoin is still above $10k and its good to see it there, do you think we will pass $11k ?
Yep, but it's possible there may be some pullback first. Often when you break a resistance level there is some throwback to the previous resistance level which now becomes support. I am not sure if that pullback will come at $11k or maybe $12k though.
What about your altcoin game? You holding anything right now or trading any alts?
I own a few but not many. If bitcoin runs though the top altcoins should do at least as well.
Our recent signal calls might even have a few under the radar coins that are up your alley.
If your up for it, why not pick up a completely free lifetime membership on provisn.com, we offer the most advanced indicators and insights, all in one dashboard.
You guys should put alerts out on steem and help get it moving. :)