The co-founders of market intelligence platform Glassnode say that once Bitcoin (BTC) reaches the $100,000 mark, investors can start taking profits.
In a new wireGlassnode founders Jan Happel and Yann Allemann – who go by the handle ‘Negentropic’ – are telling their 63,200 subscribers on social media platform
“Bitcoin Reaches $97,000, Just One Step Away From the Six-Figure Milestone! But beware – $100,000 could lead to big profit taking. So far, the sell-offs haven’t been as intense as in March, when Bitcoin hit its all-time high of $73,000, or during the $70,000 retest in late May.
If we see a sharp increase in profit-taking indicators, a price correction becomes more likely. Six-figure Bitcoin, here we come!”
Negentropic continues remark that long-term holders of the top crypto assets by market cap tend to exit the market when BTC makes a bull run. However, they say their sales have been relatively much smaller this time.
“Since Bitcoin started rising from $60,000 in October, long-term holders have been unwinding their positions. This is the largest selling activity compared to other market participants during this period to new all-time highs. But don’t panic!
These sales are much smaller than the exits before the halving earlier this year (January-May). Notice how the accumulation after the halving has been significant. Yes, they are selling, but it is not a stampede.”
Bitcoin is trading at $97,162 at the time of writing, up 2.1% over the past 24 hours.
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