Glassnode Analysts Say that Bitcoin Has Passed Half of the Bear Market

Bitcoin is highly likely to move into the second half of the bear market despite numerous macroeconomic and geopolitical challenges, Glassnode analysts say.

Last week, the price of the cryptocurrency broke through the upper limit of the three-month range at $47,000. The active accumulation of coins in the $35,000-$42,000 range and the absence of significant spending of bitcoins purchased in the first quarter of 2021 exceeded the selling pressure.

The share of BTC “aged” over a year has grown by 9.4% over the past eight months to close to a record 62.9%. The holders of these coins did not get rid of the asset in the face of two corrections of more than 50% over the past year. The growth rate of the indicator is comparable to the market recovery in 2018-2019  years.

Analysts have warned the process of bottoming and investors capitulating in a bear market is often a long and painful process. They have urged not to rush to declare the end of the bear market.