3 Charts Reveal Perfect Storm for Thunderous Bitcoin Rally
by btctipme 
As bitcoin investor Misir Mahmudov explains, this gradual curve indicates a stable, growing foundation for the next bull run. Bitcoin 2019 *monthly lows* show how strong this bull will be Jan- $3,401 This isn’t a few months of 2017 gamble mania anymore This is a store of value in the making This is just the beginning — Misir Mahmudov (@misir_mahmudov) September 3, 2019 “Bitcoin 2019 monthly lows show how strong this bull will be. This isn’t a few months of 2017 gamble mania anymore. This is a store of value in the making. This is just the beginning.” By tracking bitcoin’s low points, we remove the mania and hype and reduce the noise from short-term traders. Instead we see the steady underlying growth of the market. Let’s zoom out even further. The annual lows track a similar, gradual curve. Director of business development at Kraken, Dan Hedl recently tracked bitcoin’s yearly low points as you can see below. Bitcoin yearly lows: 2012: $4 HODLers are the floor. They are the revolutionaries that have preserved and grown Bitcoin. Do you still want to bet against them? — Dan Hedl (@danheld) June 11, 2019 He explains that the growing number of ‘hodlers’ are the floor of the market. Every year it grows deeper and wider, forming a stronger base. As trader Josh Rager explained recently, BTC is still in an accumulation phase after the long run-up to $14,000. $BTC still looks like re-accumulation weeks later IMO https://t.co/O8wuKvOana — Josh Rager 📈 (@Josh_Rager) September 3, 2019 This chimes with CoinMetrics data which revealed that a record number of bitcoin addresses are holding for the long-term. The over-riding trend here is accumulation and long-term hodling. In other words, a stronger foundation for a monster rally. Yet more data from CoinMetrics revealed that most of the bitcoin bought above $13,000 has now been sold. Again, it means bitcoin’s price foundation is now much stronger and there’s less selling pressure above. “Capitulation is most likely almost complete, since a majority of coins that were bought above $13,000 have now been sold. A relatively large amount of BTC ownership is now concentrated in the $3,000 to $12,000 range, which is setting up for a healthier base.” These three charts show strong and steady bitcoin accumulation over the long-term. It’s a pattern of building strength ahead of a major breakout. Ignore the noise and daily price hype and focus on the bigger picture.
Ignore the volatile tops and bitcoin is carving out a strong, steady trend with its monthly lows. Source: Yahoo Finance / CCN
Bitcoin monthly lows indicate strong bull market
Feb- $3,399
Mar- $3,734
Apr- $4,097
May- $5,348
Jun- $7,583
Jul- $9,163
Aug- $9,321
Bitcoin yearly lows paint the same picture
2013: $65
2014: $200
2015: $185
2016: $365
2017: $780
2018: $3200Accumulation phase almost complete
The number of bitcoin addresses that remain untouched over the long-term is steadily increasing. In other words, more and more bitcoiners are hodling for the long-term. Source: CoinMetricsThe majority of bitcoin bought above $13,000 has now been sold, meaning there’s less selling pressure from above. Meanwhile, there’s strong accumulation happening around today’s price of $10,000. Source: CoinMetrics.
