1.6 Million Bitcoins Inactive for 5 Years Suddenly Moves As Price Rises

Bitcoin is predicted to rise to 56,000 USD

Bitcoin, the world’s largest cryptocurrency, has gained more than 40% in value since the start of this year.

However, according to data from blockchain analytics firm Glassnode, there is a new development that is making headlines in the crypto community.

Data of Glassnode shows more 1.6 million Bitcoinsworth more than $80 billion at current prices, hasn’t moved in at least 5 years, unexpectedly working.

The sudden increase in activity from legacy wallets has led some to speculate that long-term holders are profiting as the Bitcoin price continues to rise.

This news has sparked a lot of speculation in the crypto community, mSome analysts believe this could be a sign that these long-term holders are profiting as the Bitcoin price continues to rise, while others believe this could be a harbinger of a wave. big sell-off.

Data Glassnode also shows that Bitcoin’s actual price age band has been breached, which could be a positive sign for the cryptocurrency’s future price action.

The identified price range shows the average price of Bitcoins that are 3-6 months old. In previous cycles, breaches of this range have led to significant uptrends, especially after a prolonged downtrend.

Although Bitcoin’s sudden movement from long-term holders has caused some concern in the crypto community, a breach of the price band could be a positive sign for price action in the near future. future.

Crypto Stocks Rise as Bitcoin Holds Above $24,500

However, as with all things crypto-related, there is still a lot of uncertainty and only time will tell the future of Bitcoin.

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