The on-chain analysis company Glassnode has shown in a report that the pressure on the sales side can see an increase in Bitcoin long-term holders around this price level.
Bitcoin Long-Term Holder-profit will reach 350% at 99,900
In his last weekly report, Glass node spoke about the latest trend with regard to the long -term holders of Bitcoin. The “long-term holders” (LTHS) refer to the Bitcoin investors who hold their coins more than 155 days ago.
The LTHs make one of the two most important BTC holder cohorts distributed on the basis of the persistent time, where the other side is known as the “short-term holders” (STHS).
Statistically, the longer an investor sticks to his coins, the less likely they will be to sell them at any time, so that the LTHS can be considered as determined than the STHS with their long times.
Below is the graph that is shared by the analysis company that shows how the total offer that these Hodlers have in the hands has changed in recent years.
As is visible in the graph, the Bitcoin LTH feeding has witnessed an increase in a sign in the past two months that some STHs have become in the cohort. In total, the metric rose by 254,000 BTC during this period.
Although the LTHs tend to be determined entities, it is not as if they never sell at all. It is clear from the graph that these diamond hands have made a profit during both major meetings of last year.
BTC recently tried to put together the Bullish Momentum again, but the constant upward trend in the LTH stock implies that these Hodlers have not yet decided to sell.
Regarding if this cohort would be sufficiently tempted to sell, history might give a hint.
In the graph, Glassnode has attached the data for the average cost -based or realized price of the LTHS and some price lines that correspond to a specific degree of profit/loss for this cohort.
At the moment the BTC price is far above the price of the LTH realized, so the members of this group would bear a considerable part of the profit. Despite this fact, these Hodlers do not seem to be willing to give up their coins.
As for when their melody could change, the report explained:
Historically, the long-term holder Cohort generally increases their control pressure when the average member has a +350% non-realized profit margin.
Based on their current cost basis, the LTHs can be expected to reach this profit threshold of 350% when Bitcoin reaches $ 99,900. So if the BTC’s recovery run goes so far, it is possible that the cryptocurrency can find some problems as a result of the sale of Hodler.
BTC price
At the time of writing, Bitcoin acts around $ 96,500, an increase of approximately 4% in the last seven days.