Shift in Long-Term Holder Strategy May Lead to Significant Price Increase for Bitcoin

Bitcoin – How THIS shift in LTH strategy could push BTC to $120K

Long-term Bitcoin holders (LTH) are easing off their selling pressure after a week of intense selling. As the market reacts to this shift, analysts predict that Bitcoin’s price could surge past its all-time high of $123,091 and potentially reach $120,000.

Recent data shows that daily sales from LTH have dropped below the $1 billion mark, a threshold they consistently exceeded last month. This significant change in behavior indicates that investors are now preferring to hold onto their assets rather than liquidating them at current prices.

On-chain metrics confirm this shift, as Glassnode’s report reveals that investor activity has shifted from selling to buying. The platform’s data suggests that trading volume surged by 32.95% to $79 billion over the past day, a clear indication of growing interest in the cryptocurrency.

The recent weekend gains are directly attributed to the reduced selling pressure among LTH. This change in sentiment has sparked renewed optimism about Bitcoin’s future prospects, with many predicting a substantial price increase.

According to an analysis, the asset is now less than $3,000 away from reclaiming its all-time high of $123,091. The data suggests that if accumulation continues and LTH shift back towards holding rather than selling, it could push the asset into price discovery territory.

This new trend has sparked optimism about Bitcoin’s potential to break through the psychological barrier of $120,000.

Source: ambcrypto.com