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Bitcoin is gearing up for its next major market surge, and the signs are unmistakable. With the cryptocurrency hovering around the $100,000 mark, investors and traders alike are eagerly awaiting signals that will determine the direction of the market.
As the asset’s short-term holders continue to offload their holdings at substantial profits, it appears that the market is not yet ready for a correction. According to Axel Adler Jr., a macro researcher and author, short-term investors who acquired Bitcoin within the last few months are actively selling their coins at impressive gains. This trend indicates profit-taking behavior, which is characteristic of bull markets.
However, this sudden surge in selling activity may lead to a local correction and potentially cause the price to drop. Adler notes that should demand slow down, short-term holders’ sales would likely decline, causing the market to stabilize around the $90,000 threshold.
Despite the heightened selling activity from short-term holders, long-term holders are steadfast in their confidence in Bitcoin’s future growth. This stark contrast suggests that the asset remains on a solid trajectory towards new highs.
In this context, it is essential to examine potential resistance levels and chart patterns.
Source: bitcoinist.com
