CryptoQuant analyst Axel Adler Jr. has noticed a decline in selling activity among long-term Bitcoin holders (LTHs). These investors, who have held Bitcoin for at least 155 days, have reduced their daily Bitcoin spending by 60%. Adler Jr. predicts that heavy selling could resume when Bitcoin reaches a price of $120,000, as LTHs would have achieved a 500% profit on their holdings. This level of profitability has historically triggered intense sell-offs. Other analysts are cautious, noting that Bitcoin needs to secure a weekly close above $97,000 to maintain its bullish trajectory. There is also speculation about a recurring psychological cycle in Bitcoin's price behavior, with traders experiencing skepticism, fear, and impatience during consolidation phases.



Other News from Today