Analysts say that Bitcoin may not be able to reach its all-time record high of $109,000 in January as soon as many people hoped.
“We should assume that we are in the pullback phase after the ATH and will likely continue to consolidate for some time due to liquidity needs,” CryptoQuant contributor XBTManager said In a 5th March analyst note.
Bitcoin long bids “viable” Long-term investors are returning to the market
XBTManager stated that short-term Bitcoin holders (BTC) — those holding for under 155 days — start selling, and long-term holders start buying again, long positions will “become viable.”
They said that traders must be cautious when taking positions on the asset.
“Over the next few months, caution is advised, and highly risky trades should be avoided.”
The days before Bitcoin’s arrival $109,000 for the first time on Jan. 20They explained that before Donald Trump was inaugurated, the short-term investors began to increase their stock, while the long-term ones reduced it by selling.
Bitcoin’s peak of $109,000 in January led to the loss of 100,000 BTC from long-term holders over the 30 days that followed. But, an even greater decline occurred when Bitcoin first reached six figures in December.
Bitcoin’s price has fallen by 1.43 percent over the past week. Source: CoinMarketCap
Bitbo reported that on Dec. 1, the supply of long-term holders reached 15.2 millions BTC. That was only four days before Bitcoin surpassed $100,000, which happened on Dec. 5. data. On Dec. 20 it had dropped to 14,7 million.
Related: Bitcoin no longer ‘safe haven’ as $82K BTC price dive leaves gold on top
As of the publication date, there are 14.4 Million BTC in long-term holders’ supply, which is a drop of 800,000. BTC since December 1.
Bitcoin fell below $100,000 in February amid concerns of a possible trade war over Trump’s tariffs. The price fell to even lower levels at the Wall Street opening on February 27. as markets digested The US has confirmed new tariffs.
Source: Timothy Peterson
The asset fell below $80,000, wiping out nearly all of the gains that had been made since Trump was elected president on Nov. 5.
Bitcoin’s current price is $87.100. according CoinMarketCap is a great place to start.
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Source: cointelegraph.com
