Popular crypto analyst Nicholas Merten of DataDash is looking at one key metric to explain what’s fueling Bitcoin’s bull run towards new all-time highs.
In a recent Bitcoin update, Merten tells his 473,000 subscribers that investors are holding Bitcoin (BTC) for longer and longer periods of time, which bodes well for his year-end targets of $100,00 and beyond.
Merten notes that Bitcoin has risen in price recently despite the lack of noteworthy news events about the world’s leading crypto.
Merten refers to the metric as the HODL waves, which stands for “hold on for dear life.” Because on-chain data allows anyone to verify how long a buyer has kept BTC in their possession, the analyst notes the trend wherein the aggregate BTC is being held for longer periods of time.
Based on that data, Merten remains confident that BTC can reach new highs this year.