There’s an indication a large number of Bitcoin enthusiasts are expecting the 2017 big boom as nothing less than 60% of BTC holders have since retained their holding power without moving any of their funds for some time now.
Observers say this indicates Bitcoin holders are expecting something big to happen after the halving, however, there is no certainty that the price of Bitcoin will go up, other than the fact that Bitcoin sees a price surge post halving.
A 1Y+ HODL Wave data from LookIntoBitcoin shows that 60% of holders have not tampered with their funds in the last one year. This, by all indications, happened last in 2016.
During that time, Bitcoin touched $700, but a year after, the price of Bitcoin went as high as $20,000, almost 17 months after June 2016 halving.
The occurrence of the great Bitcoin price spike has given much strength to crypto holders who might be thinking of selling.
Now 60% of them are waiting for the next action. May be Bitcoin halving will push the price higher or remain where it is.
Meanwhile, at the time of filing this report, Bitcoin is changing hands at $9142 after falling from the $10,000 range. Yesterday, Bitcoin was trading below $9,000 mark but it has regained strength today.
On May 8, Bitcoin was trading at 10,024 and quickly had a retracement below $10,000. Since then, Bitcoin has been maintaining a position below $10,000.
The cryptocurrency market seems to be dependent on Bitcoin. Despite the claim by altcoins to have a distinct idea pushing the value of their cryptocurrency, there seems to be a clear link between the price of Bitcoin and that of other altcoins since a drop in Bitcoin’s price signals a a similar drop in the value of altcoins and the entire cryptocurrency market.
The above assertion has been confirmed by data that Bitcoin and other altcoins have a high price correlation almost every time.