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Bitcoin “Perma Holder” Demand Blasts Off: New Rally Soon?
On-chain data suggests that investors with no history of selling are back to intense accumulation, which could be a bullish sign for the price of Bitcoin.
The demand from Permanent Holders (PHs), who have never sold their BTC before, has been showing acceleration in recent days. This group’s buying pressure is being monitored closely by analysts as it can be a strong indication of a potential price increase.
It’s worth noting that not all PHs will remain permanent holders forever, as some may decide to sell and take profits at some point. However, the fact that they have held their Bitcoin for so long suggests that they are likely to hold on for at least a bit longer, which is why buying from Accumulation Addresses is considered bullish.
The trend of the Permanent Holders’ demand will be crucial to watch in the near future, as it could determine the direction of the market. A continuation of this upwards trajectory would be a positive sign for Bitcoin, while a slowdown could result in flat action or even a correction.
Bitcoin’s price has been unable to decide on a direction lately and remains stuck around $98,700.
Source: https://bitcoinist.com/bitcoin-permanent-holder-demand-sharply-fresh-rally/
