The co-founders of market intelligence platform Glassnode say that once Bitcoin (BTC) hits the $100,000 milestone, investors could start taking profits.
In a new thread, Glassnode founders Jan Happel and Yann Allemann – who go by the handle “Negentropic” – tell their 63,200 subscribers on the social media platform X that the crypto king could dip after reaching six figures for the first time if investors start taking profits.
“Bitcoin hits $97,000 just a step away from the six-figure milestone! But beware – $100,000 could trigger major profit-taking. So far, the sell-offs haven’t been as intense as in March, when Bitcoin hit its $73,000 all-time high, or during the $70,000 retest in late May.
If we see a sharp uptick in profit-taking indicators, a price correction becomes more likely. Six-figure Bitcoin, here we come!”
Negentropic goes on to note that long-term holders of the top crypto asset by market cap tend to exit the market when BTC makes a bull run. However, they say that their sales this time around have been much smaller comparatively.
“Since Bitcoin started climbing from $60,000 in October, long-term holders have been reducing their positions. This is the largest selling activity compared to other market participants during this run to new all-time highs. But don’t panic!
These sales are much smaller than the pre-halving exits seen earlier this year (Jan-May). Look how post-halving accumulation has been significant. Yes, they’re selling — but it’s no stampede.”
Bitcoin is trading for $97,162 at time of writing, a 2.1% increase during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Featured Image: Shutterstock/Design Projects/Sensvector
Read the full article here
