Long-Term Bitcoin Holders Start Selling, Indicating Bull Market Commencement
According to data released by investor and entrepreneur Anthony Pompliano, long-term holders of Bitcoin are beginning to sell off their holdings, signaling the start of a bull market. Pompliano states that as the price of Bitcoin rises, some holders are willing to sell their assets and take profit off the table. The increase in price over the past year has convinced these holders to part with their Bitcoin. This trend of selling off Bitcoin has been observed in previous bull markets as well.
BTC Sell-Off Signals Bull Market Kick-Off
Pompliano’s data reveals that Bitcoin holders historically begin selling their holdings as the bull market gets underway. This pattern was observed in 2013, 2017, and 2019 when the selling of Bitcoin accelerated alongside increasing market prices. Based on this metric, Pompliano asserts that the bull market has definitely begun.
Understanding the Clearing Price
Pompliano’s predictions come after a brief drop in Bitcoin’s value over the weekend. Despite this dip, a majority of Bitcoin holders are still holding onto their investments, anticipating a significant increase in price due to April’s quadrennial halving event. Most long-term holders believe that the current offering price is not high enough to part with their digital currency.
A Promising Year for BTC’s Value
In a note to clients, Standard Chartered’s head of digital assets research, Geoff Kendrick, raised his prediction for Bitcoin’s year-end value from $100,000 to $150,000. Kendrick also stated that the cryptocurrency could reach a cycle high of $250,000 next year. Additionally, CoinShares reported record inflows for spot Bitcoin ETFs, totaling $2.9 billion, surpassing the previous week’s record of $2.7 billion. This indicates continued investor interest and confidence in Bitcoin.
Market Attitudes Remain Bullish
While it is unclear when Bitcoin will return to its recent high of $73,000, market sentiment remains bullish. At the time of writing, the price of Bitcoin is hovering around $67,000.
Hot Take: The Bull Market is Here!
Long-term holders of Bitcoin are starting to sell off their holdings, indicating that the bull market has officially begun. As the price of Bitcoin rises, some holders are taking advantage of the opportunity to profit from their investments. This trend has been observed in previous bull markets as well. The selling of Bitcoin by long-term holders has accelerated as market prices have increased over time, confirming that the bull market is underway. Despite a temporary drop in value over the weekend, most Bitcoin holders are holding onto their investments in anticipation of a significant price increase. Analysts predict a bright future for Bitcoin’s value, with some projecting a year-end value of $150,000 and a cycle high of $250,000 next year. These positive predictions are supported by record inflows into spot Bitcoin ETFs. Market attitudes remain optimistic and investors continue to show confidence in Bitcoin’s potential.
By
By
By
By