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Bitcoin Users Stock Up as Data Shows Average Price Never Went Bearish

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[color=rgba(0, 0, 0, 0.8)]Bitcoin (BTC) never saw a bear market in 2019 — and the evidence is easy to find on the blockchain, according to some prominent figures.[/color]
[color=rgba(0, 0, 0, 0.8)]Data covering various metrics shows that despite recent price volatility, Bitcoin has held strong throughout its eleventh anniversary year.[/color]
[color=rgba(0, 0, 0, 0.8)]Investors echo that resolve — as the numbers confirm, so-called “hodlers” are more attached to their stash than ever before.[/color]
[color=rgba(0, 0, 0, 0.8)]One BTC price is in a perpetual bull market[/color]
[color=rgba(0, 0, 0, 0.8)]BTC/USD has dipped significantly several times since September. The pair’s rapid rise and fall triggered predictable warnings from critics and concerns from traders.[/color]
[color=rgba(0, 0, 0, 0.8)]Zoom out, however, and the picture changes completely. As noted by PlanB, creator of the Bitcoin price forecasting tool Stock-to-Flow, Bitcoin’s 200-week moving average (200WMA) has never gone down.[/color]
[color=rgba(0, 0, 0, 0.8)]Uploading a chart to Twitter on Dec. 28, the analyst revealed that short-term price action has failed to turn the 200WMA negative at any point in Bitcoin’s existence. Current growth is 3% per month, or around $150, he added.[/color]
[color=rgba(0, 0, 0, 0.8)][Image: ab8cd752dd0989554de76.png][/color]

[color=rgba(0, 0, 0, 0.8)]Market displaying “bullish reaccumulation”[/color]
[color=rgba(0, 0, 0, 0.8)]Bitcoin’s recent trip to $6,400 has also failed to convince statistician Willy Woo that conditions are worse than they should be.[/color]
[color=rgba(0, 0, 0, 0.8)]In a tweet on Saturday, Woo likewise took recent events within the context of Bitcoin’s entire history. According to him, that places price movements now in an accumulation bracket, and not a bear market. He summarized:[/color]
Quote:[color=rgba(0, 0, 0, 0.8)]“ARE WE IN A $BTC BEAR MARKET? NO, WE ARE IN THE RE-ACCUMULATION PHASE OF A BULL MARKET.”[/color]
[color=rgba(0, 0, 0, 0.8)][Image: 427cdf9b3355f21824e3d.png][/color]

[color=rgba(0, 0, 0, 0.8)]Woo also shed light on Bitcoin’s December 2018 lows of $3,100. That phase, which some have since compared to this month, was the result of “inorganic” behavior:[/color]
Quote:[color=rgba(0, 0, 0, 0.8)]“IN 2018 $6K WAS HELD WITH BUY WALLS INORGANICALLY, SMART MONEY EXITED, THE WALLS WERE LET GO AND WE OVERSHOT TO THE LOW SIDE.”[/color]
[color=rgba(0, 0, 0, 0.8)]Hodlers are hodling longer[/color]
[color=rgba(0, 0, 0, 0.8)]As Cointelegraph previously reported, trends in investor behavior began changing even before Bitcoin’s April 2019 bull run took hold. Despite a run-up from $3,100 to almost $14,000, very little of the available BTC supply actually left the wallet it was in over that period.[/color]
[color=rgba(0, 0, 0, 0.8)]As entrepreneur Alistair Milne noted over the weekend, 70% of the supply has remained static over the past six months.[/color]
[color=rgba(0, 0, 0, 0.8)]The behavior, he says, mimics that leading up to Bitcoin’s previous block reward halving in 2016. Then, as with the next halving in May 2020, the event was considered a potential catalyst for Bitcoin price.[/color]
[color=rgba(0, 0, 0, 0.8)]The impact of the halving was felt only a year later, however, and opinions are mixed as to its potential market moving power this time around.[/color]

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