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Bitcoin Holders Selling Off Cryptocurrency Signals Bull Market Kick-Off
Long-term holders of Bitcoin are starting to sell off their holdings of the cryptocurrency, signaling that the bull market has “definitely begun,” according to data released by investor and entrepreneur Anthony Pompliano.
Reasons Behind Bitcoin Sell-Off
- As the price of Bitcoin rises, some holders are willing to sell to take profit
- Small percentage of previously dormant Bitcoin now on the move
- 60% year-to-date price increase and 140% increase over the last 12 months convincing holders to sell
Historical Trends in Bitcoin Sell-Off
The data shows that Bitcoin holders began to sell their Bitcoin as the bull market got kicked off in 2013, 2017, and 2019, respectively, with selling accelerating as market prices increased over time.
Predictions and Market Outlook
Pompliano predicts that Bitcoin’s price will continue to appreciate to find the clearing price, with a majority of holders waiting for higher prices to sell.
Industry Expert Predictions
- Standard Chartered’s Geoff Kendrick raises year-end Bitcoin value prediction to $150,000
- CoinShares reports record inflows in spot Bitcoin ETFs, reaching $2.9 billion
Current Bitcoin Price and Market Sentiment
Despite recent sell-offs, Bitcoin holders are optimistic about future price increases, with the current price hovering around $67,000.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
