Analysts: Aging BTC Regains Activity, On-Chain Migration Wave May Push Moving Averages Higher

On October 14, monitoring by CryptoQuant analyst nocoffeenobrain shows that Bitcoin coins aged 1–3 years and over 3 years had already exhibited active trends as early as late September, at which time BTC prices moved from the mid-$70,000 range to the mid-$80,000 range. Following the recent Ledger hack, which prompted a large number of users to migrate their assets to new signers and replace their mnemonic phrases, the 7-day moving average is expected to trend higher in the coming days. The analyst pointed out that a similar pattern has occurred previously—during the period from January to February when BTC dropped from $90,000 to the mid-$60,000 range, and from July to August when BTC fluctuated in the mid-$60,000 range, both of the aforementioned holding age cohorts showed synchronized activity.