Bitcoin Price To $100,000? Here’s What To Expect If BTC Makes History
The post Bitcoin Price To $100,000? Here’s What To Expect If BTC Makes History appeared on BitcoinEthereumNews.com.
Following the events of the past week, it is more of a matter of “when” rather than of “if” the Bitcoin price will hit a historic six-figure value. The crypto commentary channels and waves have been largely occupied with the premier cryptocurrency potentially reaching $100,000 over the last few weeks. A six-figure value for BTC is not only an impressive milestone for the entire crypto industry but also one that comes with “unfavorable” events such as liquidations for short traders. Here is an on-chain insight into “what next” if the Bitcoin price climbs above $100,000. What’s Next For BTC’s Price After $100,000? In a recent report, blockchain analytics firm Glassnode shared an insight into the on-chain performance of the premier cryptocurrency since starting its latest rally. While the $100,000 price mark seems inevitable, the blockchain firm expects Bitcoin price to lose some of its momentum after crossing the target. One of the rationales behind this projection lies in the recent behavior of an investor cohort known as the Long-term holders (LTH). According to Glassnode, the long-term holders are beginning to offload their assets for profits and may be waiting to sell more coins as the price action continues to grow strong. Source: Glassnode/X Based on data from the LTH Spending Binary Indicator, which tracks the intensity of the sell-side pressure of the long-term holders, these major investors have been increasingly distributing their assets. This Spending Binary metric shows that the LTH balance has declined on 11 of the last 15 days. While the demand from institutional investors, specifically via the US spot exchange-traded funds (ETFs), has absorbed 90% of the sell-side pressure from long-term investors, Glassnode noted that the spending pressure of this investor cohort has begun to outpace ETF net inflows in recent days. This pattern was also noticed…
Filed under: News - @ November 24, 2024 1:37 am