Bitcoin Drop to $25,000 Is Unlikely Due to Many Long-Term Investors Hoping For New ATH
Bitcoin Drop to $25,000 Is Unlikely Due to Many Long-Term Investors Hoping For New ATH
According to recent data, Bitcoin going to $25,000 or below is unlikely due to holders hoping for all-time highs rather than speculative traders.
On April 19, prominent analyst Root stated that there is “no real reason” for a massive Bitcoin sell-off in a series of tweets. In this halving cycle, Bitcoin has yet to wow the market with all-time highs, which has caused some investors to lose trust.
On-chain indicators, on the other hand, remain significantly more positive than current price activity, and those investors remaining in the market believe BTC will go much higher in the future. Root blames this on a scarcity of short-term investors in the market. Even the most recent all-time highs of $69,000 in November occurred with comparatively few speculative bets – a stark contrast to the all-time high in December 2017 during the prior halving cycle.
Long-term holders expecting a new price discovery, rather than new STHs wanting to “buy the dip,” are currently supporting the market.
“With the HODL Army growing it’s allowing us to make new ATH’s (69k top) without barely any STH’s in the market,” Root explained.
“Since we didn’t reach prices above 100K, which so many expected, many still believe this will eventually happen and might therefore hold on to their coins.”
As a result, due to long-term holders’ hesitation to sell, Bitcoin’s realized price — the average price at which all coins last changed — of about $25,000 appears to be an unrealistic aim.
While others did so lately, Root explained that it was because they bought in at highs earlier in 2021 and wanted to reduce their losses. Those who bought during Bitcoin’s initial journey above $60,000, on the other hand, have decided to hodl rather than sell.
“Conclusion: Some exhaustion coming from the people that bought the run to first 64k peak, but many still holding,” the Twitter thread read.
“Older LTH’s mainly holding strong. No real reason to see a drop below realised price.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Bitcoin
Bitcoin Drop to $25,000 Is Unlikely Due to Many Long-Term Investors Hoping For New ATH
Bitcoin Drop to $25,000 Is Unlikely Due to Many Long-Term Investors Hoping For New ATH
According to recent data, Bitcoin going to $25,000 or below is unlikely due to holders hoping for all-time highs rather than speculative traders.
On April 19, prominent analyst Root stated that there is “no real reason” for a massive Bitcoin sell-off in a series of tweets. In this halving cycle, Bitcoin has yet to wow the market with all-time highs, which has caused some investors to lose trust.
On-chain indicators, on the other hand, remain significantly more positive than current price activity, and those investors remaining in the market believe BTC will go much higher in the future. Root blames this on a scarcity of short-term investors in the market. Even the most recent all-time highs of $69,000 in November occurred with comparatively few speculative bets – a stark contrast to the all-time high in December 2017 during the prior halving cycle.
Long-term holders expecting a new price discovery, rather than new STHs wanting to “buy the dip,” are currently supporting the market.
“With the HODL Army growing it’s allowing us to make new ATH’s (69k top) without barely any STH’s in the market,” Root explained.
“Since we didn’t reach prices above 100K, which so many expected, many still believe this will eventually happen and might therefore hold on to their coins.”
As a result, due to long-term holders’ hesitation to sell, Bitcoin’s realized price — the average price at which all coins last changed — of about $25,000 appears to be an unrealistic aim.
While others did so lately, Root explained that it was because they bought in at highs earlier in 2021 and wanted to reduce their losses. Those who bought during Bitcoin’s initial journey above $60,000, on the other hand, have decided to hodl rather than sell.
“Conclusion: Some exhaustion coming from the people that bought the run to first 64k peak, but many still holding,” the Twitter thread read.
“Older LTH’s mainly holding strong. No real reason to see a drop below realised price.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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