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Home»Analysis»Bitcoin just one step away from a major bullish milestone, say Glassnode co-founders – but there’s a catch
Analysis

Bitcoin just one step away from a major bullish milestone, say Glassnode co-founders – but there’s a catch

2024-11-21No Comments2 Mins Read
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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!”

Source: Negentropic_/X

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.”

GcvhU67XUAAcshL
Source: Negentropic_/X

Bitcoin is trading at $97,162 at the time of writing, up 2.1% over the past 24 hours.

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Bitcoin Bullish Catch CoFounders Glassnode Major Milestone step
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