Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Well-Positioned
To Break $100,000 Barrier Despite
Short-
Term Volatility:
Report
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Well-Positioned To Break $100,000 Barrier Despite
Short-Term Volatility: Report
by Ash Tiwari
3 minutes ago
in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News
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According to a recent report by Bitfinex, Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) breaking through the
psychologically significant $100,000 barrier will largely depend on the
actions of two key holder cohorts long-term holders (LTH) engaging in
profit-taking and short-term holders (STH) driving demand.
Short-Term Holder Demand Critical To Propel Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin To $100,000
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price surged an impressive 37.3% in November, closing the month at a
record-breaking $96,506. However, for the flagship cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта to cross the
$100,000 mark, demand from STHs must align with the supply provided by LTHs.
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Already?
Historically, December has been one of the most volatile months for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
However, during halving years, the month typically delivers strong
performance, with average returns of 38.86%. Since the most recent halving
occurred in April 2024, analysts anticipate that December could be favorable
for BTC holders. Source: Bitfinex
The latest edition of the ‘Bitfinex Alpha’ report highlights several factors
likely to propel Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin beyond $100,000. The report notes that while
short-term volatility may persist, the current bullish momentum in the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market suggests further gains are probable.
The report also points out that short-term price pullbacks like the
one witnessed last week when BTC briefly dropped to $90,911 are often
driven by ETF outflows and LTH profit-taking. Specifically, the report states:
Last week, ETFs registered net outflows of $135.1 million, with the bulk of
these taking place during the first two trading days. LTHs have distributed a
significant 508,990 BTC since September, increasing the supply entering the
market.
While the 508,990 BTC distributed by LTHs since September is notable, it
remains lower than the 934,000 BTC distributed before the March 2024 highs.
Nonetheless, consistent demand from ETFs and retail buyers will prevent
further price pullbacks. Source: Glassnode
As can be seen in the above chart, the STH supply is close to its cycle high
of 3,282,000 BTC. Based on past data, the last phase of a bull run commences
when STH supply surges past pre-halving cycle highs. The report reads:
This shift indicates increasing retail participation but also highlights the
market’s reliance on incoming demand to absorb LTH profit-taking.
For the uninitiated, STH supply typically means the total amount of BTC
currently held by wallets or entities that have acquired it within a
relatively short time, typically less than 155 days. On the contrary, LTH
supply refers to the BTC currently held that was acquired more than 155 days
ago.
Analysts Confident $100,000 BTC Is Within Reach
While BTC price continues to see-saw in the mid-$90,000 range, several
prominent analysts believe that $100,000 is just a minor hurdle in BTC’s
upward price trajectory. For instance, Cryptoquant predicts that BTC’s top for
this cycle might be at $146,000.
Related Reading: Where’s The FOMO? Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Retail Crowd Yet To Jump In,
Analyst Says
Similarly, investment management firm VanEck foresees BTC hitting as high as
$180,000 during the current cycle. At press time, BTC trades at $95,238, down
1.2% in the past 24 hours. BTC trades at $95,238 on the daily chart | Source:
BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Bitfinex, Glassnode and
TradingView.com