As a seasoned Bitcoin investor who has witnessed its meteoric rise and fall since 2013, I find myself at a crossroads with the latest surge above $90,000. While I’ve always believed in the potential of this digital gold, my experience has taught me to tread cautiously when it comes to taking profits.
It was reported by a cryptocurrency expert that not every person who has held Bitcoin for more than 155 days is necessarily expecting its price to reach six figures. Instead, some of these individuals have been content with cashing out their profits as soon as the price of Bitcoin exceeded $90,000.
In a report published on November 16th, CryptoQuant contributor Percival pointed out that long-term Bitcoin (BTC) holders, defined as those who have held BTC for 155 days or more, view the price point of $90K as not adversarial and are participating in profit-taking. Prior to surpassing its previous all-time high of $73,800 from March on November 5th, Bitcoin’s price had remained relatively stable within a range of $53,000 to $72,000 for approximately seven months.
At the time of publication, Bitcoin is trading at $89,945, according to CoinMarketCap data.
$90K ‘first target’ for Bitcoiners who have been around for a while
Percival mentioned that some long-term investors might consider this recent peak as an opportunity to sell, since they’ve been part of the Bitcoin market for quite some time,” he said. On November 12th, Bitcoin exceeded $90,000 for the first time, and on the following day, it hit a new record high of $93,215.
“The Long-Term Holder sell-side wave since the ETF’s rally has increased,” Percival stated.
Over four billion dollars have moved into U.S.-based Bitcoin exchange-traded funds since Donald Trump’s election as president on November 8th, as indicated by statistics from Farside.
The rise in people wanting to sell Bitcoin isn’t affecting its value much because ETFs are buying up most of those coins being sold.
“This wave of superficial sell-side of supply in profit is notorious.”
Pro-Bitcoiners share hopes for $100K by year-end
The development follows a number of well-known Bitcoin advocates expressing their optimism that Bitcoin could soon reach six-digit figures.
In a casual and clear manner, the statement can be rephrased as: “Michael Saylor of MicroStrategy expects that it’s likely we will see Bitcoin prices reaching $100,000 by November or December.
“I’m planning the $100,000 party,” Saylor said on CNBC on Nov. 14.
At present, Ryan Lee, the head analyst at Bitget Research, has shared his perspective with CryptoMoon. He noted that November is traditionally a favorable month for Bitcoin’s returns, and there’s a possibility that BTC could reach $100,000 by the end of this month.
As a crypto investor, I find it intriguing when experts like Lee suggest that if history repeats itself and Bitcoin prices continue to escalate as projected, a 14.7% increase from the current price level could potentially catapult the coin beyond the $100,000 mark for this very month.
Read More
- RLC PREDICTION. RLC cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- CAKE PREDICTION. CAKE cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- OM PREDICTION. OM cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- SXP PREDICTION. SXP cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
2024-11-17 06:30