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- Bitcoin recently surpassed $90,000, with some long-term holders (LTHs) cashing in profits. They are viewing it as an opportunity rather than a barrier.
- Following Donald Trump‘s pro-Bitcoin presidential win, billions of dollars have flowed into Bitcoin exchange-traded funds in the U.S.
- Saylor predicted Bitcoin will hit $100,000 by November or December and plans to celebrate the milestone.
Not all long-term Bitcoin holders are holding out for a six-figure milestone. According to a November 16 report by CryptoQuant analyst Percival, some investors who’ve held their BTC for over 155 days have started cashing in profits. This happened as the BTC price surpassed $90,000.
The report highlighted that these seasoned holders view the $90K mark as an opportunity rather than a barrier. They are taking advantage of the surge to secure gains.
Percival states- “LTHs today do not see $90K as an enemy; there is profit-taking. Some of these investors have been here for many years, and for them, this first target would be a profit-taking zone.”
Bitcoin recently shattered its previous record of $73,700, set in March. This happened after spending nearly seven months between $52,900 and $72,000.
As of now, the cryptocurrency is trading at $90675, based on CoinMarketCap data.
Percival States Bitcoiners ‘first target’ Seems to be $90K, which has been around for a while
“Many of these seasoned investors view this level as an ideal profit-taking opportunity,” remarked CryptoQuant analyst Percival.
Bitcoin broke the $90,000 mark for the first time on November 12, setting a new record high of $93,210 the following day. Percival also noted a rise in selling activity among long-term holders following the ETF-driven rally.
He highlighted the MVRV Ratio, which currently sits at 2.5, indicating a 150% paper profit. The MVRV Ratio measures the average unrealized profit of Bitcoin holdings,
While historically extreme levels of 3 or 4 (~200%) have signaled market tops, the ratio suggested there’s still room for growth. That could potentially push Bitcoin toward the $100,000 milestone.
Following Donald Trump‘s win, billions of dollars have been poured into spot Bitcoin exchange-traded funds in the U.S.
CryptoQuant Contributor Highlights Two Main Categories Of LTH To Understand Direction.
Long-term holders (LTH) can be divided into two primary groups to better understand their investment behavior and mindset.
Per Percival, first are those people who are newer traders or investors who have held Bitcoin for 6 months to a year. They are likelier to sell out of panic during bear markets and capitulate when prices drop.
Secondly, some people are Known as “smart money investors.” These investors have strong convictions about the future of BTC prices and typically sell near market peaks.
Using the Realized Price UTXO Bands, we can see that long-term holders are not focused on the $90K mark. For them, profits of more than 10x will require higher price levels.
The smart money people, who have held their Bitcoin for over a year, adjusted their positions back in March. So, this price level is not a critical point for them.
The recent selling activity is mainly coming from new traders. These recent buyers view $90K as an ideal exit point to take profits.
Pro-Bitcoiners transmit Optimistic hopes for $100K by 2024 year-end
Several well-known Bitcoiners have expressed their optimism that the cryptocurrency will reach six digits in the near future.
MicroStrategy’s Michael Saylor “would be surprised if we don’t go through $100,000 in November or December.” “I’m planning the $100,000 party,” Saylor said on CNBC on November 14.
Meanwhile, Ryan Lee, chief analyst at Bitget Research, stated that November would be historically known as the best month for Bitcoin’s returns. BTC could be on track to $100,000 before the end of the month:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month,” Lee said.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
