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Bitcoin is poised for its next major market surge, as the cryptocurrency continues to demonstrate robust optimism and confidence among investors and traders alike. With the $99,000 and $100,000 range being a key area of interest for BTC’s next major move, the market is eagerly awaiting signals that will enable positioning for a potential new all-time high.
Despite this, it’s worth noting that short-term holders are offloading their Bitcoin holdings at a rapid rate. According to on-chain data, this sudden selling activity appears to be driven by investors who acquired BTC within the last few months following the cryptocurrency’s recent price surge in December.
As highlighted by macro researcher Axel Adler Jr., profit-taking behavior is typical during bull market phases. However, it’s crucial to recognize that short-term holders’ sales may lead to a local correction and potentially even a price drop if demand slows down. This could cause prices to stabilize around the $90,000 threshold should such an event occur.
Despite this near-term uncertainty, long-term holders remain committed to their positions, reflecting their confidence in Bitcoin’s future growth potential.
In light of these developments, I’d like to explore how high Bitcoin may go in its next major surge.
Source: bitcoinist.com
