Bitcoin Hodl Narrative Strengthens
A recent poll conducted by MicroStrategy CEO Michael Saylor revealed that more than a third of Bitcoin holders would be reluctant to sell any portion of their holdings, even if prices reached a million dollars. This signifies a strengthening hodl narrative within the Bitcoin community.
The poll received an impressive response, with over 87,000 participants in less than a day. The fact that such a significant number of BTC holders expressed their reluctance to sell is noteworthy.
If a large portion of Bitcoin holders refuse to sell, it could create significant supply and demand pressure, potentially leading to further price inflation.
However, the poll also indicated that 30% of respondents would consider selling if BTC prices reached $100,000. Around 19% were waiting for $250,000, and 14% would sell at $500,000 per BTC.
Bitcoin author Preston Pysh suggested that it would be interesting to weigh the responses based on the number of coins each vote holds.
Others mentioned that they would only cash out when they needed fiat currency for their expenses and bills.
Bitcoin Dormant Supply Increases
Earlier this year, it was reported that the Bitcoin dormant supply was growing as hodlers refused to sell. However, there are always instances of profit-taking during bull markets and panic selling during bear markets. The actions of whales, corporate holders, and upcoming ETF issuers will have the most significant influence on the market.
Recently, CryptoQuant reported a transaction involving 1,000 BTC that had been dormant for over ten years. This indicates that some long-term holders are starting to move their coins.
BTC Price Outlook
Bitcoin’s price has remained relatively stable in the past 24 hours, holding onto recent gains. Currently, the asset is trading at $43,940 on spot markets.
Resistance at $44,000 is strengthening, but there is a larger band at a key Fibonacci level around $47,000. This suggests the possibility of another upward movement before a market correction occurs.
Altcoins, on the other hand, are experiencing a slight decline today, causing the total market capitalization to drop marginally to $1.67 trillion.
Hot Take: Bitcoin Holders Remain Resilient
A significant number of Bitcoin holders have expressed their determination to hold onto their coins, even if prices reach extraordinary heights. This hodl narrative strengthens the belief in Bitcoin’s long-term value and potential for further price appreciation. The reluctance to sell puts pressure on supply and demand dynamics, potentially driving prices higher. However, there are still those who are willing to sell at specific price levels. It will be interesting to observe how these dynamics play out in the coming months and how they impact Bitcoin’s overall market performance.
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