• Bitcoin remains sluggish Friday, unable to push above $50k
  • Analyst says BTC could fall as low as $37k
  • Glassnode and Santiment data suggests holders are not selling their BTC

After the mid-November sell-off witnessed, Bitcoin, the world's biggest cryptocurrency, has been trying to trudge its way out of the bear's den. It has been an emotional rollercoster for investors as well, who are waiting for the bulls to regain control.

Even the lack of surprises in the Fed's announcement on stimulus taper could not snap the crypto market out of the bearishness that has settled in. Bitcoin is down almost 30% from its record high of near $69,000 set about a month ago. BTC was trading at $47,600 at 12:45 a.m. ET.

However, for some analysts believe the worse is not over. Katie Stockton, founder and managing partner of research firm Fairlead Strategies, told Bloomberg recently that BTC still had a long way to go before finding a bottom.

Stockton said the next support for Bitcoin is at $44,000 as the major support at $53,000 was unable to resist the selling pressure. But she also ventured that Bitcoin is currently battling the 200-day Moving Average and the king may even fall back below the $44,000 price support, finally reaching $37,000, which is a key area to support BTC's uptrend.

Stockton's analysis contradicts the on-chain data from Santiment, which shows that the "number of whale addresses holding 100 to 1,000 $BTC has added 193 more addresses in this prestigious club, compared to just 10 weeks ago."

Data from Glassnode also suggests that the "BTC Miner Outflow Multiple (7-day Moving Average) just reached a 4-month low of 0.772."

This 4-month low suggests that miners are holding on to their BTC rewards gained from mining. Another important indicator that is revealed by Glassnode is that the "number of addresses holding 1+ coins just reached a 7-month high of 815,986" for Bitcoin.

What all these seem to indicate is that buyers are holding on to their Bitcoins as they wait for a new all-time high very soon.

Major financial institutes are viewing Bitcoin as a new asset class.
Major financial institutes are viewing Bitcoin as a new asset class. Pexels