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Tesla confirms Bitcoin hodl strategy as new report says BTC should ‘comfortably’ hit $100K

Tesla confirms Bitcoin hodl strategy as new report says BTC should ‘comfortably’ hit $100K

Bitcoin (BTC) should have no problem reaching $100,000 in the current cycle, thanks to Hodler’s impressive behavior.

In their latest newsletter, seen by Cointelegraph, analysts from the Decentrader Chamber of Commerce, which includes Cointelegraph Markets, which provides financial support for filbfilb, tried to allay fears that bitcoin’s resurgence is on the wane.

HODL waves remain bullish

To confirm their optimism, the data shows that more and more investors will trade BTC over the long term – a year or more.

Derived from the popular HODL Wave indicator, this suggests that in the short term there is less willingness to sell bitcoin at a certain price, which is a solid basis for further growth.

The one-year HODL wave suggests that bitcoin should easily reach $100,000 during this cycle, Decentrader concludes.

The more bitcoins are held for a year or more, the less liquid the supply or potential selling pressure. In general, if 50% or more of bitcoin is HODLED, then the bull market persists, below that level it could be a cause for concern.

HODL Waves tracks the percentage of existing bitcoins based on when they were last used in a transaction. Cointelegraph previously noted that those who bought BTC during the bull run of 2017 largely held their positions despite significant gains.

Bitcoin HODL Wave Chart. Source: Honesty unleashed

Tesla confirms Bitcoin hodl strategy as new report says BTC should ‘comfortably’ hit $100K

BTC power lock

As Cointelegraph reported on Monday, about 36% of the bitcoin supply in circulation now consists of recent coins that have come into circulation in the past six months.

Stock market data continues to support investor sentiment, while total reserves continue to decline in March, despite BTC/USD hitting a new all-time high.

Bitcoin exchange rate reserves against BTC/USD. Source: View of the shop

Tesla confirms Bitcoin hodl strategy as new report says BTC should ‘comfortably’ hit $100K

Even miners seem increasingly interested in holding onto their BTC rewards, according to data from online analytics service Glassnode, which shows that miners’ net positions have turned positive this month. Michael Saylor, CEO of MicroStrategy, described their behavior as unique.

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Strong holders increase their positions. Another sharp rise in #Bitcoin in illiquid portfolios, commented quant analyst Lex Moskovsky on another Glassnode chart.

Change schedule net position Bitcoin manufacturer. Source: Glassnode

Tesla confirms Bitcoin hodl strategy as new report says BTC should ‘comfortably’ hit $100K

Tesla CEO and CTO Elon Musk became the latest personality to be upset when he announced Wednesday that the automaker would offer products in BTC instead of converting its revenue into fiat currency.

According to Bitcointreasuries.org, Tesla currently has 48,000 BTCs, a number that is expected to grow as more people trade in their bitcoins for the company’s electric cars.

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