'Potential top' for Bitcoin as long-term holders sell 828K BTC in 30 days
According to Cointelegraph, a significant shift is occurring within the Bitcoin market. Long-term holders have offloaded approximately 828,000 BTC over the past month, valued at around $82.6 billion based on current prices of about $100,000 per coin. This massive sale by those who held their Bitcoins for more than five months suggests a potential peak in Bitcoin's value might be approaching.
The report highlights that while major purchases like MicroStrategy’s acquisition of nearly 150k BTC and inflows into spot ETFs are notable, they only account for roughly one-third of what has been sold recently. Despite this selling pressure from seasoned investors, retail demand remains robust according to CryptoQuant data.
Bitcoin Could Climb Beyond $150,000 by January
A recent article from Decrypt discusses predictions made by Sean Dawson from Derive regarding Bitcoin's price trajectory. The derivatives platform sees a small probability—about six percent—that Bitcoin could exceed $150,000 by late January next year following its historic rise above $100k last week.
Dawson notes that despite some volatility after reaching new highs—with prices dipping briefly—the overall sentiment remains optimistic due to factors such as ETF flows and strategic moves promised under President-elect Donald Trump's administration which include establishing a national reserve for cryptocurrencies like Bitcoin.
XRP's Parabolic Uptrend and More: This Week In Crypto
Benzinga reports an exciting period in cryptocurrency markets, marked notably by XRP’s impressive gains driven partly through increased whale activity alongside fresh ETF applications boosting investor confidence further across various digital assets. This includes Shiba Inu, whose burn rate hit record levels, burning millions daily!
This surge coincides with Federal Reserve Chair Jerome Powell likening Bitcoin itself to gold during his address, while Congressman Mike Collins' purchase decisions involving meme coins also drew attention among crypto enthusiasts eager to watch developments unfold amidst ongoing regulatory discussions globally, potentially impacting future prospects significantly.
What to Know About Investing in Bitcoin After Its Price Hit $100,000
NBC News provides insights into investment strategies post-Bitcoin hitting unprecedented heights. Wealth advisors caution against diving in headfirst, instead recommending cautious approaches given the inherent risks associated with the volatile nature these emerging technologies represent. This is especially pertinent amidst changing political landscapes that could affect regulations governing them, thereby influencing returns. Experts advise navigating this complex terrain carefully, taking into account all factors before making decisions, to achieve the desired outcomes.
Sources:
- ‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days
- Bitcoin Could Climb Beyond $150,000 by January, DeFi Derivatives Platform Derive Says
- XRP's Parabolic Uptrend, Congressman Buys Meme Coins, Fed Chair Powell Likens Bitcoin To Gold And More: This Week In Crypto
- What to know about investing in bitcoin after its price hit $100,000
- Amazon shareholders urge company to allocate at least 5% of its assets to Bitcoin
- El Salvador President shares the country's Bitcoin success; gets this 'one-word' reply from Elon Musk
