The Bitcoin Layer
Bitcoin Update: Older Coins Are HODLING, But Bull Market Is Not Over
May 7, 2024
Exploring Bitcoin's near-term price action, macro factors, and why smart money is holding onto their coins. The discussion covers Coin Days Destroyed, excess savings, spending behavior, and Bitcoin's historical performance for future outlook.
17:12
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Quick takeaways
- Despite current consolidation, macro factors support Bitcoin's positive outlook.
- Analysis of on-chain behavior suggests a potential market peak, complementing ongoing price correction.
Deep dives
Bitcoin's Price Action Analysis
Bitcoin is currently experiencing a 10-week correction where buyers and sellers are battling it out in the market. Despite the tumultuous price action, the macroeconomic factors suggest a positive outlook for Bitcoin. The Federal Reserve's dovish pivot and the upcoming election year contribute to a supportive environment for asset prices, including Bitcoin. This period of consolidation presents a phase where buyers can potentially drive Bitcoin's price higher.
