Long-term bitcoin investors began moving coins after bitcoin crossed the $ 66,000 threshold, Glassnode analysts reported on their blog. At its peak, investors were holding about 81.5% of the total supply of bitcoins. The numbers have adjusted since then, however, as investors spent 0.73% BTC of the total number of coins in circulation.
Nevertheless, analysts have noticed that although the “old coins” are in motion, the market seems to be absorbing them without any problems. Glassnode argues that the ability to “asymptomatically” absorb large volumes of coins is natural in bull markets.
However, in the end, market participants begin to react to the movement of coins, which soon results in a correction. It was similar, for example, in August 2020. Then the price of bitcoin broke the $ 12,000 mark, which forced investors to take profits. The result was that already in early September, the price of the cryptocurrency fell back to ~ $ 10,200.
However, according to experts, current expenses are closer in their dynamics to deliberate profit-taking than to panic sales due to the anticipation of an absolute maximum in the price of bitcoin. Recall, according to the “worst scenario” of price development from an anonymous analyst under the pseudonym PlanB, bitcoin may approach the $ 100,000 mark by the end of November. At the same time, the end of 2021, according to the analyst, will be remembered for the cryptocurrency market by the fact that bitcoin will completely overcome the mark of $ 135,000.
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