Bitcoin short-term bond sales 2021 forecast profit near $5B
Bitcoin (BTC) has seen an all-time high of $69,000, a new analysis shows.
In a post on Dec. 5, crypto insights firm CryptoSlate, research and data analyst James Van Straten pointed to billions of dollars going to exchanges.
Bitcoin speculators sell as all-time highs return
BTC price gains have provided a welcome reward for hodlers across the board as they hit 19-month highs in recent days.
While old hands hold their share of the BTC supply, at the other end, short-term holders (STHs) are busy locking in profits on their investments.
STHs refer to entities holding a portion of the supply for 155 days or less. They correspond to the more speculative segment of Bitcoin investors, and their spending base has created key BTC price support in 2023.
Now, BTC/USD is up about 15% in a week, time to reassess their exposure, the data says.
According to Van Straten, the total volume of exchange between STHs and exchanges – coins that are ready for sale – reached about $5 billion in the four days to December 4.
“Bitcoin recorded a 7% gain, reaching a high of $38,800 on December 1,” he commented.
“This milestone fueled the most significant profit-taking for short-term holders since November 2021.”
Van Straten cites Glassnode figures for his on-chain analysis.
STH's profit-taking will therefore continue to mimic BTC/USD's move since hitting a record high of $69,000 two years ago.
Bitcoin bull market barriers are lining up
As Cointelegraph continues to report, the recent turnaround has boosted forecasts of a return to those levels beyond expectations thanks to a combination of internal and macroeconomic factors.
Related: Breakout or $40K Bull Trap? 5 things to know in Bitcoin this week
Analyzing what's on the way, meanwhile, Philip Swift, creator of the statistical resource, highlighted the Fibonacci retracement levels seen in previous Bitcoin bull markets.
In 2010, Swift In 2019, he forwarded the Golden Multiple Ratio, which he created to track the highs of the price cycle.
“These lower fibs have historically acted as resistance in early bull markets. The x1.6 (green line) is currently at $43,739 and climbing,” he told subscribers on X (formerly Twitter) this week.
Swift added that the high standards have “successfully identified every bitcoin cycle high to date.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
