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Investors may start to take profits as Bitcoin (BTC) gets closer to the noteworthy $100,000 milestone, which could lead to a market fall. After reaching this milestone, Glassnode’s co-founders, Jan Happel and Yann Allemann, also known on social media as “Negentropic,” cautioned their 63,200 followers that the cryptocurrency king might decline.
The Glassnode team notes that Bitcoin is currently trading just under $97,000, and hitting the six-figure mark could trigger significant sell-offs. They compare this scenario to previous instances like the $73,000 high in March and the $70,000 retest in May, where profit-taking was not as intense. If profit-taking indicators increase, the Bitcoin price could experience a correction.
“Bitcoin hits $97,000 just a step away from the six-figure milestone! But beware – $100,000 could trigger major profit-taking,” Glassnode warns. They also highlight that long-term holders, who typically exit during a bull run, have been selling smaller amounts this time around.
While long-term holders have been reducing their positions since Bitcoin began its climb from $60,000 in October, these sales have been more subdued than past market cycles. Glassnode points out that this is the largest selling activity by long-term holders during this particular price surge but emphasizes that it is much smaller than the pre-halving sales seen earlier this year.
“Since Bitcoin started climbing from $60,000 in October, long-term holders have been reducing their positions. This is the largest selling activity compared to other market participants during this run to new all-time highs. But don’t panic! These sales are much smaller than the pre-halving exits seen earlier this year,” the founders noted.