Bitcoin’s Rise to $100,000 Will Not Be Marred by LTH Selling
Bitcoin is about to reach a historic milestone, with its price inching closer to the coveted $100,000 mark. This remarkable rally has fueled optimism among investors, suggesting that Bitcoin will continue to dominate the cryptocurrency market.
However, despite the bullish outlook, Bitcoin is not completely immune to potential bearish pressure. The backbone of Bitcoin’s price stability – long-term holders (LTH) – appears to be faltering, raising fears of a possible near-term decline.
Bitcoin support is wavering
Long-term Bitcoin holders have recently shown signs of bearish sentiment. The HODLer Net Position Change indicator, which tracks the behavior of LTH, has turned negative.
This shift suggests that a large number of long-term investors are profiting from selling their holdings. Negative values for this indicator typically indicate a decline in confidence, which can put pressure on businesses Bitcoin price.
Since LTH is considered the backbone of Bitcoin price, their selling activity has the potential to disrupt market momentum. These investors often hold assets during market fluctuations, helping to stabilize prices.
When they start selling, it could lead to an increase volatilityif the trend continues, it may trigger a price correction. This potential selling pressure is something Bitcoin investors are watching closely, especially so close to the $100,000 threshold.
Despite the short-term bearish sentiment for LTH, Bitcoin’s broader macro momentum remains strong. A key indicator to watch is the Bitcoin Network Value Transactions (NVT) golden cross, currently located in the neutral zone.
While it has not yet entered bullish territory (below -1.6), the NVT Golden Cross is an important signal for Bitcoin’s future price action. Historically, when the NVT indicator enters bearish territory (above 2.2), it is often considered a bearish signal for the market.
However, Bitcoin is not yet This bearish zone has not been reached yet, giving it room for further growth. The NVT golden cross remains a positive sign that Bitcoin has enough momentum to rise further ahead of any potential downturn.
As long as this indicator remains in the neutral zone, Bitcoin has a chance to push towards $100,000 without facing significant bearish pressure immediately.
Bitcoin Price Prediction: Making History
The price of Bitcoin is currently at $96,572 and is approaching the historic $100,000 mark. Cryptocurrencies have seen a significant upward trend in recent weeks, spurred by increased institutional interest and adoption. If current trends continue, Bitcoin is expected to break through this psychological barrier and reach a new all-time high of $99,595.
should Bitcoin If it breaks the $100,000 mark, the next target could be $120,000. A successful breakout of $100,000 could trigger additional buying pressure from retail and institutional investors. However, the potential for profit-taking in LTH remains a concern, as any significant sell-off could lead to a temporary pullback.
Despite short-term concerns, the overall trend for Bitcoin remains positive, with the recent NVT golden cross indicating that the path to $100,000 remains achievable. if only Bitcoin maintains It is above key support levels and the long-term outlook remains bullish.
While the LTH sell-off may cause some volatility, Bitcoin is likely to continue its upward trend in the coming months, barring major disruptions in the market.
Disclaimer
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