Hemmer 79

We'll probably never see BTC going below $30k again if this on-chain pattern holds true... (8 for 8 so far) What you see here is #Bitcoin's price discovery across 13 yrs. It's a contour map the BTC supply according to the price HODLers paid for their coins, and how it changed over time. DENSE HORIZONTAL BANDS: These are price regions where much of the supply moved between investors reflecting strong agreed value. PATTERN: Whenever BTC had: (a) strong bands of agreed price (b) coming out of a bear market (c) and leading into the next halvening (marked in vertical bands) ... the price never comes back to retest this band of support. CONTEXT: Why "up only"? #Bitcoin is far from a commodity market at saturation. What we're seeing across the 13 yrs of this chart is BTC's widespread adoption. The network had 10,000 users in 2010, today there's well over 300m people using it as a store of value technology. This is only going to climb with a spot ETF.