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Bitcoin Long-Term Holders Complete Largest Market Sell-Off Since 2021, Is The Top Here? | Bitcoinist.com
Bitcoin Long-Term Holders Sell, Market Top Ahead?
The price of Bitcoin has been on a strong bullish trend following Donald Trump’s victory in the US Presidential elections. Leading up to its rise to its previous $100,000 ATH, BTC saw a surge in accumulation, with most whales opting to hold rather than sell their holdings
Related Reading: Solana Investors Double Down: New Long-Term Holders Signal Confidence In 2024 Rally ContinuationHowever, on-chain data has revealed that long-term Bitcoin holders have begun offloading their assets. According to prominent crypto analyst Ali Martinez, this unexpected sell-off by long-term holders often aligns with a market top
Martinez noted that long-term holders tend to distribute their holdings as BTC approaches a market top. This observation is supported by their behavior during the Bitcoin bull run in 2021
Between 2017 and 2021, the largest red (sell-off) areas occurred shortly after Bitcoin’s final surge to a new all-time high (ATH). After this surge, BTC experienced significant price corrections, signaling the market top and the end of the bull run
The recent red area in the chart shows that long-term Bitcoin holders are selling off their holdings again. If historical trends repeat, the current sell-off could indicate that BTC is nearing a peak; however, a last upward rally could still occur
While past trends can not guarantee future outcomes, they still provide insights into potential market movements. With Bitcoin experiencing rapid growth and surging past $100,000, a market top could be within sight any time soon
BTC Hits New ATH, What’s Next?
Recently, Bitcoin achieved a new ATH, surging past previous resistance levels to reach $106,260. The cryptocurrency’s price had jumped over 4.8% in one day, fueling discussions and excitement in the crypto community. Despite reaching a new ATH, BTC has since corrected to $105,013 as of writing
Crypto analyst Captain Faibik on X has also expressed excitement about the new ATH, providing an even more bullish outlook for the pioneer cryptocurrency. According to Faibik, the Bitcoin Ascending Triangle upside breakout has been officially confirmed on the daily timeframe, indicating a potential for an uptrend continuation.