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Bitcoin Holders Cash in as Price Reaches $90,000

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by Giorgi Kostiuk

2 years ago

CryptoQuant analyst pointed out that some long-term Bitcoin holders have begun taking profits as the price passed the $90,000 mark. This was expected after a prolonged period of price consolidation.

Breaking the $90,000 Mark

According to CoinMarketCap, Bitcoin was trading at $89,945 at the time of publication. Upon reaching this mark, many investors who held the asset for over 155 days saw it as an opportunity for profit.

Long-term Prospects and Stock ETFs

The sell-side wave among long-term holders rose after pro-Bitcoin candidate Donald Trump's victory in the US elections. However, according to Percival, this has not significantly impacted the price as ETFs absorb the sold coins.

This wave of superficial sell-side supply is notable.

Expectations for Price Surge to $100,000

Support for reaching $100,000 by year-end is growing. Notable figures like Michael Saylor from MicroStrategy are already discussing the possibility of surpassing this price.

Thus, while some investors have already booked profits, the desire to reach $100,000 among others demonstrates Bitcoin's long-term growth potential.

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