There have been several critics over recent weeks proclaiming about the Bitcoin, that it is simply at a market top. As NewsBTC encircled two weeks ago, one trader remarked that the cryptocurrency is trading in line with a textbook “distribution” pattern.
A trader stated “A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume, ”
BTC distribution analysis shared by trader “Cold Blooded Shiller” (@Coldbloodshill on Twitter). Chart from TradingView.com
Yet data shows that long-term investors are unfazed. Namely, a majority of respondents to an impromptu Twitter poll has revealed that they’re still long on Bitcoin.
Bitcoin Investors Continue to “Stack Sats”
On July 9th, pseudonymous BTC analyst “PlanB” performed a poll via his Twitter account, followed by over 100,000. He inquired his followers — which depict a good fraction of Crypto
Twitter, if they’re holding, buying, or selling Bitcoin.
The immediate poll, which reached over 13,800 people, established 65.6% of respondents are presently clasping Bitcoin. 18.3% of the respondents are purchasing the cryptocurrency .And a 3.9% of the respondents are currently selling BTC.
Verified by On-Chain Data
The poll’s results have been verified by on-chain analysts.
On-chain analyst Philip Swift identified that better than 62% of all BTC in circulation has not shifted in over a year. This is an all-time great and indicates that a plurality of Bitcoin investors want upside in the long run:
“BTC1yr HODL new ATH!! We attained a new all-time high, with 62% of bitcoin not walking on-chain for at least 1 year. Powerful hands from holders! Such high levels of HOLding have been existing at the beginning of last BTC bull runs,” Swift wrote on the matter.