Price corrections, with the expectation that Bitcoin will rise again in the future, lead investors to different strategies.
As of yesterday, it was recorded that the amount of Bitcoin HODLed reached a record level of five years with 7,495,059,588 BTC worth approximately 143.74 billion dollars. According to Glassnode data, the highest record in the last five years was recorded on October 19, 2020.
HODL is used to mean holding or resisting without selling when the price of a coin drops.
Uptrend may increase the amount of HODL
The HODL amount has risen to a record five-year high, indicating that investors are not willing to sell at current price levels. The expectation of a rally in the market increases the tendency to hold assets.
On the other hand, many analysts argue that the current market correction is temporary.
Bloomberg senior commodities strategist Mike McGlone says the current Bitcoin price is extremely discounted, while suggesting that the number one coin will rise towards $100,000.
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