Will BTC big holders sell off, causing a major drop? When will there be a correction?
Bitcoin has fallen from a high of 99558 to around 91000 now, a correction of nearly 9000 points, about 10%.
A company reported that their long positions on contracts suffered significant losses.
After the correction, it might rise again. This correction shouldn't take too long, possibly a short one-week, or a longer one around half a month, likely rebounding back like a V-shape.
Market News
1. Bloomberg analyst Eric Balchunas said that Bitcoin's drop is not due to institutions or Bitcoin spot ETFs, but rather long-term holders are selling off.
This correction occurred after Bitcoin's monthly chart hit a new high, first breaking 99000 USD on November 22. Some analysts even predict Bitcoin could break 100000 USD this month.
Cryptocurrency analyst Kvle du Plessis stated that long-term holders sold 128,000 Bitcoins, but the U.S. spot ETFs absorbed 90% of the sell orders. Institutional demand is strong, and Bitcoin could rise to 100,000 USD.
2. Glassnode's data shows that when Bitcoin quickly approaches 100,000 USD, the 14 million BTC held by long-term holders are all profitable, leading to accelerated selling, with over 200,000 BTC sold.
Long-term holders are starting to cash out, and ETFs have absorbed most of the sell orders. However, as profits increase, more long-term holders may accelerate their selling, which has now surpassed the inflow of ETFs.
Many long-term holders might be waiting for higher prices to sell, putting more Bitcoin back into the market.
3. Trade Nation analyst David Morrison said that while 100,000 USD sounds appealing, it seems to have become a psychological barrier for Bitcoin investors.
If Bitcoin starts to drop, it could continue to fall, especially if long-term holders decide to cash out early.
However, David Morrison also stated that Bitcoin's upward momentum could be strong enough to break through 100,000 USD. Once it breaks through, it could become a new trigger point for further increases.
If you always struggle with timing, feeling confused about how to operate, and want to learn to keep up, there’s one condition to meet: you need to be action-oriented, ready to act, like and comment, and I’ll help you make big money!
