Who Is Selling Bitcoin as Prices Approach $100K? Market Insights Unveiled
most recent Crypto market loses $500 million due to liquidation In the past 24 hours due to Bitcoin price fluctuations. Long traders were hardest hit, with more than $366 million in long positions liquidated. Short positions also faced losses, amounting to $129 million.
On Sunday, Bitcoin prices fell from around $98,000 to $95,500 before recovering above $98,000. The drop came as Bitcoin nearly hit the $100,000 milestone on November 23, highlighting the continued volatility in the price. While this decline was expected, it is raising fears of further declines in the market.
what’s pulling Will Bitcoin hit $100,000? Let us step in to find out more.
Impact of buyer profit-taking in 2024
Billionaire investor and Galaxy Digital CEO Mike Novogratz recent Shares his insights into the driving forces behind the selling pressure. Novogratz said that recent Bitcoin activity can largely be explained by profit-taking and market psychology, but there is more beneath the surface.
Novogratz said a large portion of sales will come from buyers entering the market in 2024 for prices above $56,000. These investors may be taking profits as Bitcoin approaches new highs. This is a typical market reaction when an asset reaches a key milestone, and Novogratz isn’t surprised. He believes this is part of the natural cycle in any bull market.
The role of long-term holders (HODLers)
While short-term profit-taking has played a role, Novogratz also noted that many of the recent buyers have been long-term holders, or “HODLers.” This group tends to hold assets during price fluctuations, helping to keep market conditions stable. After the Bitcoin supply was halved this year, Novogratz sees the trend as a positive development in the long term as it reduces selling pressure and provides support for prices.
Analysts eye $100,000 level
Novogratz also emphasized the role of psychological factors. Large round numbers, such as $100,000, tend to be roadblocks in financial markets. When Bitcoin approaches these levels, both aggressive selling and cautious buying intensify, leading to a consolidation period. Novogratz isn’t worried about this, arguing that consolidation around major price milestones is common before a breakout.
In a recent X post, analyst Ali Martinez also said that the price of Bitcoin could exceed $100,000 during this bull run. He noted that long-term holders are showing increasing greed, a sign that historically suggests bull markets will last longer.
Martinez predicts that it could take 8-11 months for Bitcoin to reach the top of the market, which means there will be more gains before the cycle peaks. in addition, relative strength index (RSI) is showing strong momentum, suggesting that the cryptocurrency is on the verge of a major breakout. The analysis suggests that the price may soon surge to the expected level of $100,000.
With Bitcoin treading on thin ice, it will be interesting to see if it rises or falls before hitting $100,000.
Curious what’s next for BTC? read Bitcoin Price Prediction Gain insight and discover if $100,000 is possible during this bull market!
FAQ
About 1.46 million Bitcoins The total supply is 21 million coins, waiting to be mined.
According to Coinpedia’s BTC price prediction, 1 BTC may peak at $135,449.
