The momentum of the cryptocurrency currency, Bitcoin (BTC) is seen as getting stronger, witnessing a fraction of its value rising from $ 10,773 to a record at the time of writing, $ 17,705.
BTC analyst and founder of Lookintobitcoin.com, Philip Swift stated that the crypto asset is heading towards the $ 22,000 price face which is expected to take effect in a few weeks with 4 contributing factors:
HODL Levels Evidence of Sovers' Confidence
HODL (long time BTC holders) will usually buy and store BTC for the long term.
Reportedly since the shrinking on the Mac, the One-Year HODL Wave increased to over 62% from 59%, indicating a clear gathering trend. If this situation persists, investors are embracing a longer Bitcoin boom.
Fund Balance
The average trading contract fund rate against Bitcoin is around 0.01%. Since the last few months, the level of eternal funds has been around 0.01% and is sometimes lower.
This shows the balance between buyers and sellers, and the market is still not in chaos before any sudden changes take effect.
Rizab Bitcoin Shrinks
The Bitcoin exchange outflow of $ 2.3 billion a month suggests investors are willing to hold onto the asset for the long term.
Investors will need to put some BTC into the exchange to sell their holdings. So when the outflow increases, the investor transfers BTC savings for a long period.
Increase in Institutional Gathering
Many institutions have been pooling Bitcoin since its strong recovery in early 2020. BTC's resilience also overcomes gold, leading to an increase in the value of its deposits in institutions over time.
Like Grayscale which now owns more than 500,000 BTC which brings a total value of $ 8.35 billion!
