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A crypto analyst reiterates that “some of these” Bitcoiners have been “here for many years,” and $90,000 is the “first target” for profit-taking.
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Bitcoiners who have held their coins for over 155 days aren’t all holding out for a six-figure price tag, with some happily taking profits once Bitcoin surpassed $90,000, according to a crypto analyst.
In a Nov. 16 market report, CryptoQuant contributor Percival noted that Bitcoin (BTC) long-term holders (LTH) — addresses holding BTC for 155 days or more — “do not see $90K as an enemy” and are engaging in profit-taking. Before breaking its $73,800 all-time high from March on Nov. 5, Bitcoin’s price had consolidated between $53,000 and $72,000 for almost seven months.
At the time of publication, Bitcoin is trading at $89,945, according to CoinMarketCap data.
$90K ‘first target’ for Bitcoiners who have been around for a while
“Some of these investors have been here for many years, and for them, this first target would be a profit-taking zone,” Percival added. Bitcoin surpassed $90,000 for the first time on Nov. 12, reached a new all-time high on Nov. 13 of $93,215.
“The Long-Term Holder sell-side wave since the ETF’s rally has increased,” Percival stated.
Since pro-Bitcoin Donald Trump’s United States presidential victory on Nov. 5, around $4.09 billion has flowed into the spot Bitcoin exchange-traded funds in the US, according to Farside data.
Percival explained that the rising sell pressure isn’t significantly impacting Bitcoin’s price because “ETFs are absorbing all the coins being sold.” He stated:
“This wave of superficial sell-side of supply in profit is notorious.”
Pro-Bitcoiners share hopes for $100K by year-end
It comes on the back of several prominent Bitcoin supporters sharing their hopes for Bitcoin to hit six figures any day now.
MicroStrategy’s Michael Saylor “would be surprised if we don’t go through $100,000 in November or December.”
“I’m planning the $100,000 party,” Saylor said on CNBC on Nov. 14.
Related: Bitcoin breakout or black swan? $90K BTC price lacks gold, stocks high
Meanwhile, Ryan Lee, chief analyst at Bitget Research, recently told Cointelegraph that November is historically known as the best month for Bitcoin’s returns, and BTC could be on track to $100,000 before the end of the month:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month,” Lee said.
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This article first appeared at Cointelegraph.com News
