Bitcoin price is rising steadily, breaking past the $100K mark and settling at $101,714. This 9% weekly growth reflects the resilience of the king of cryptos after weeks of consolidation.
However, concerns persist as short-term holders begin to see significant profits, raising fears of a potential market reaction.
Bitcoin Investors Give No Clues
Despite Bitcoin’s recent surge past the $100,000 mark, investor sentiment appears muted. Historically, the cryptocurrency’s price has often moved in the opposite direction to retail expectations. The current lack of euphoric buying or desperation-driven selling indicates a cautious approach.
This muted sentiment stands in stark contrast to past reactions when Bitcoin crossed major price milestones. Social media timelines filled with extreme optimism or pessimism have previously signaled strong market moves. In the absence of such extremes, the prevailing uncertainty suggests a cautious outlook among seasoned investors and retail traders.
Volume Social do Bitcoin. Fonte: Santiment
The MVRV ratio of short-term holders (STH) is signaling a critical juncture. Short-term holders are currently sitting on an average of 10% in profit, raising concerns about profit-taking activity. These investors have historically sold quickly upon seeing signs of gains, potentially triggering a market selloff.
Current levels suggest a sell-off may be imminent as the profitability of these holders increases. The broader market, however, remains resilient, with long-term investors continuing to hold their positions, mitigating fears of a sharp decline. However, the possibility of profit-taking remains a risk factor.
Ratio MVRV STH do Bitcoin. Fonte: Glassnode
Price prediction
Bitcoin price is now at $101,714, marking a significant recovery above the $100K threshold. This momentum positions the asset to potentially reach $105K if support at $100K holds.
Positive market signals and investor optimism could further fuel this rally, solidifying the cryptocurrency’s bullish trend.
However, holding the $100,000 level as a support floor is crucial. Failure to do so could trigger a correction, pushing Bitcoin to $95,668. This would invalidate the bullish outlook and erase a significant portion of recent gains, dampening investor enthusiasm.
Bitcoin Price Analysis. Source: TradingView
If Bitcoin can flip $100,000 into support, the market could see renewed bullish momentum, pushing prices to new highs. However, vigilance is key as short-term holders could act as a disruptive force.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
