Bitcoin Just a Step Away From a Major Bullish Milestone, Says Glassnode Co-Founders – But There’s a Catch

The co-founders of market intelligence platform Glassnode say that when Bitcoin (BTC) reaches the $100,000 mark, traders can begin taking earnings.

In a brand new wireGlassnode founders Jan Happel and Yann Allemann – who go by the deal with ‘Negentropic’ – are telling their 63,200 subscribers on social media platform

“Bitcoin Reaches $97,000, Simply One Step Away From the Six-Determine Milestone! However beware – $100,000 may result in large revenue taking. To this point, the sell-offs have not been as intense as in March, when Bitcoin hit its all-time excessive of $73,000, or through the $70,000 retest in late Could.

If we see a pointy enhance in profit-taking indicators, a worth correction turns into extra doubtless. Six-figure Bitcoin, right here we come!”

Negentropic continues remark that long-term holders of the highest crypto belongings by market cap are likely to exit the market when BTC makes a bull run. Nonetheless, they are saying their gross sales have been comparatively a lot smaller this time.

“Since Bitcoin began rising from $60,000 in October, long-term holders have been unwinding their positions. That is the most important promoting exercise in comparison with different market individuals throughout this era to new all-time highs. However do not panic!

These gross sales are a lot smaller than the exits earlier than the halving earlier this 12 months (January-Could). Discover how the buildup after the halving has been important. Sure, they’re promoting, however it isn’t a stampede.”

Bitcoin is buying and selling at $97,162 on the time of writing, up 2.1% over the previous 24 hours.

Do not miss a beat – Subscribe to obtain e-mail alerts straight to your inbox

Test worth motion

Comply with us additional X, Facebook And Telegram

Surf to the Every day Hodl combine

Featured picture: Shutterstock/Design Tasks/Sensvector