Bitcoin sell-side odds in line for crucial testBitcoin at multimonth highs will tempt an increasing number of hodlers to take profits — including so-called “diamond hands.”Using a variety of metrics to track investor profitability, Glassnode shows that aggregate LTH unrealized profits are now nearing 350% — a key historical level.“Having established that the LTH cohort is expressing a preference to hold onto their supply, we can attempt to quantify the potential price levels required to entice them to part with their coins, and commence the next wave of profit taking,” it explains.
For Glassnode, the key price area to watch for changes in their behavior is the $100,000 zone.“Historically speaking, the Long-Term Holder cohort typically ramps up their spending pressure when the average member is holding a +350% unrealized profit margin,” it explains.“Reconciling this information with the spot price, the average LTH is expected to hit a 350% profit margin at the $99.9k level.
This highlights a noteworthy degree of strength behind this upwards swing,” it commented. “However, these are levels that must be broken and held for further price appreciation, as a rejection of this level would push the price back into bearish territory, and return many investors to a state of meaningful unrealized loss.”BTC/USD chart with 11-day SMA, STH realized price.
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Author / Journalist: Cointelegraph by William Suberg
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