Warning from the analyst: Watch out for Bitcoin (BTC) in the short term!
According to Onchain data, short-term investors have started to play a more important role in the course of Bitcoin (BTC).
Bitcoin investors can be classified as short-term holders (STH) and long-term holders (LTH). Long-term holders are associated with BTC addresses that have held Bitcoin for 155 days or more, while short-term holders are those who have held it for less than the time period specified above.
Bitcoin's recent price movements seem to be more dependent on short-term investors. CryptoQuant analyst Burak Kesmeci stated that STHs could panic sell if BTC falls below $ 61,600.
The analyst stated that the current average cost of short-term Bitcoin holders for 1-3 months and 3-6 months is $ 61,633 and $ 64,459, respectively. As seen in the chart, the price is currently stuck between this certain range and is waiting for a breakout. Kesmeci stated that if $64,500 is exceeded, the bulls may take over. He also said:
āIf the average cost of 1-3 month
$BTC investors is lost at 61.6 thousand, things will become even more difficult.ā
A drop below $61,600 could lead to panic selling by short-term investors at a loss. Data from CryptoQuant shows that STHs are almost completely unprofitable. The STH Net Unrealized Profit/Loss Cohort (STH-NUPL) chart is just above 0, which means that most short-term holders are currently unprofitable.
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