Philip Swift, a Bitcoin (BTC) analyst and the creator of Lookintobitcoin.com, laid out four reasons why BTC is headed to $22,000. Both fundamental and technical factors indicate the top cryptocurrency’s momentum is strengthening.
The one-year HODL percentage, the decline of Bitcoin exchange reserves, neutral funding rates, and institutional accumulation point toward a prolonged BTC rally. Swift wrote:
“1yr HODL % still really high? Yep. Bitcoin being rushed off exchanges? Yep. Funding still neutral? Yep. Institutions still buying? Yep. Cool, See you at $22K in a few weeks when price reaches the 350dma x 2 of the Golden Ratio Multiplier.”
Since the start of the fourth quarter on Oct. 1, the price of Bitcoin rose from $10,773 to $16,730 on Binance.
BTC/USD daily price chart since Oct. 1. Source: TradingView.com HODL percentage shows investor confidence
The Bitcoin space refers to long-time BTC holders as “HODLers.” The One-Year HODL Wave shows the growth in the number of investors holding