The co-founders of market intelligence platform Glassnode say that when Bitcoin (BTC) hits the $100,000 milestone, buyers might begin taking earnings.
In a brand new thread, Glassnode founders Jan Happel and Yann Allemann – who go by the deal with “Negentropic” – inform their 63,200 subscribers on the social media platform X that the crypto king might dip after reaching six figures for the primary time if buyers begin taking earnings.
“Bitcoin hits $97,000 only a step away from the six-figure milestone! However beware – $100,000 might set off main profit-taking. Up to now, the sell-offs haven’t been as intense as in March, when Bitcoin hit its $73,000 all-time excessive, or throughout the $70,000 retest in late Could.
If we see a pointy uptick in profit-taking indicators, a worth correction turns into extra seemingly. Six-figure Bitcoin, right here we come!”
Negentropic goes on to notice that long-term holders of the highest crypto asset by market cap are likely to exit the market when BTC makes a bull run. Nonetheless, they are saying that their gross sales this time round have been a lot smaller comparatively.
“Since Bitcoin began climbing from $60,000 in October, long-term holders have been decreasing their positions. That is the most important promoting exercise in comparison with different market contributors throughout this run to new all-time highs. However don’t panic!
These gross sales are a lot smaller than the pre-halving exits seen earlier this 12 months (Jan-Could). Look how post-halving accumulation has been important. Sure, they’re promoting — however it’s no stampede.”
Bitcoin is buying and selling for $97,162 at time of writing, a 2.1% improve over the past 24 hours.
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