The co-founders of Glassnode, a market intelligence platform, have shared some interesting insights about Bitcoin (BTC). They believe that when Bitcoin hits the $100,000 mark, investors might start taking profits.
In a recent discussion, Jan Happel and Yann Allemann, known as “Negentropic,” talked to their 63,200 followers on X. They pointed out that Bitcoin has already reached $97,000, which is just a step away from that six-figure milestone. But there’s a warning: hitting $100,000 could lead to a lot of profit-taking.
“So far, the sell-offs haven’t been as intense as they were in March when Bitcoin hit its all-time high of $73,000, or during the $70,000 retest in late May,” they noted. If we see a big increase in profit-taking, a price correction might be on the way. “Six-figure Bitcoin, here we come!”
Negentropic also highlighted that long-term holders of Bitcoin usually exit the market during bull runs. However, they mentioned that this time, the selling activity from these holders has been relatively small compared to previous cycles.
“Since Bitcoin started climbing from $60,000 in October, long-term holders have been selling less. This is the largest selling activity compared to other market players during this surge to new highs. But don’t panic! These sales are much smaller than the pre-halving exits we saw earlier this year from January to May. It’s clear that post-halving accumulation has been strong. Yes, they’re selling, but it’s not a mass exit.”
As of now, Bitcoin is trading at $97,162, which is a 2.1% increase in the last 24 hours. Keep an eye on the market—it’s definitely an exciting time for Bitcoin investors!