Long Term Investors Double Up Their Investments During Q1 And The Possible Effect Of The Shanghai Upgrade

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The first quarter of the year is over and there are several reports which has been made by crypto analyst firms on bitcoin performance and the one which interest me most is the one which is as made what that of into the block which made analysis on how long term investors increased their investment holdings in the first quarter.

From the reports it is said that the amount of Bitcoin and Ether owned by hodlers continues to hit all-time highs.Addresses holding assets for over a year have increased their holdings by $13.4 billion and $4.7 billion of Bitcoin and Ether respectively so far in 2023. If history from previous bull markets repeats, these addresses are unlikely to sell until we approach previous all-time highs.

The market intelligence analytic firm is given an insight on the incoming upgrade of etherum which will have an effect on the market price of both crypto currencies and may create a short term sell pressure in they gave target price to be $27,000 and $1,700 for Bitcoin and Ether, respectively, are the levels to watch near-term as they have the largest concentration of buyers, with 623,800 BTC (~$17 billion) and 8.4 million ETH (~$15.1 billion) being acquired at this level.

If prices were to breach this level, there is not much support based on previous buying patterns until $24,500 and $1,500 for Bitcoin and Ether.

On the selling side, recent highs of $29,000 and $1,850 have pressure from addresses that previously bought around that area, but there is not much further resistance if prices climb beyond those levels.

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