A cryptocurrency analyst has observed that long-term Bitcoin holders have nearly completed their selling activities, potentially creating favorable conditions for its price to increase.
Decrease in Selling Pressure
The owner of InvestAnswers mentioned to his 560,000 YouTube subscribers that approximately 70% of those who have held BTC for 155 days or longer have completed their sales. This reduction in selling pressure may pave the way for Bitcoin to gain value soon.
Future of Bitcoin
The analyst highlighted that Michael Saylor’s MicroStrategy company and spot Bitcoin exchange-traded funds (ETFs) purchasing BTC worth a total of $82 million could further elevate Bitcoin’s price. These investments could play a significant role in pushing Bitcoin to reach $175,000 per coin.
Conclusion
The current market situation and analysts’ predictions provide investors with significant clues about potential future price movements. It is recommended for investors to conduct thorough research before making investments.
The future of Bitcoin will continue to be shaped by the actions of major investors and market dynamics, presenting both opportunities and risks for investors.
