{"id":15819,"date":"2024-03-19T19:29:59","date_gmt":"2024-03-19T19:29:59","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=15819"},"modified":"2024-03-19T19:29:59","modified_gmt":"2024-03-19T19:29:59","slug":"bitcoin-sell-off-by-long-term-holders-seen-as-bullish-sign-pompliano-says","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-sell-off-by-long-term-holders-seen-as-bullish-sign-pompliano-says\/","title":{"rendered":"Bitcoin Sell-Off by Long-Term Holders Seen as Bullish Sign, Pompliano Says"},"content":{"rendered":"

Data released on Monday by investor and entrepreneur Anthony Pompliano suggests that long-term holders of Bitcoin are starting to sell off their holdings, indicating that the bull market has \u201cdefinitely begun.\u201d<\/p>\n

\u201cThis shouldn\u2019t be a surprise \u2014 as the price of Bitcoin<\/a> rises, some percentage of holders are willing to sell their assets to take profit off the table,\u201d Pompliano wrote.<\/p>\n

Pompliano Argues BTC Sell-Off Signals A Bull Market Kick-Off<\/strong><\/p>\n

\u201cA small percentage of bitcoin (< 5%) that was previously dormant is now on the move,\u201d he added. \u201cThe 60% year-to-date increase in price, and the 140% increase over the last 12-months, has convinced some holders to part with their Bitcoin.\u201d<\/p>\n

\"\"
\nThe data shows that Bitcoin holders \u201cbegan to sell their Bitcoin as the bull market got kicked off\u201d in 2013, 2017, and 2019, respectively, with the selling of Bitcoin continuing to \u201caccelerate\u201d as the market prices increased over time.<\/p>\n

\u201cSo a big takeaway from this metric is that the bull market has definitely begun,\u201d Pompliano claimed.<\/p>\n

Determining The Clearing Price<\/strong><\/p>\n

Pompliano\u2019s predictions follow a brief drop in BTC\u2019s price over the weekend, dipping to $65,000 after reaching its all-time high of over $73,000 last week.<\/p>\n

Despite the recent sell-off, a majority of Bitcoin holders are hanging onto their investment ahead of April\u2019s quadrennial halving event, which could see the token\u2019s price increase much more.<\/p>\n

\"\"<\/p>\n

\u201cThey either sold because they needed to or they felt that the current offering price was more than sufficient,\u201d Pompliano reported. \u201cMost of the Bitcoin holders, especially those who have been holding for at least 1 year, are not yet convinced that Bitcoin\u2019s price is high enough to part with their digital currency.\u201d<\/p>\n

\u201cJust as in past cycles, this will change in the coming months or years,\u201d he continued. \u201cBut in order to find out where that clearing price is, Bitcoin\u2019s price will have to continue to appreciate.\u201d<\/p>\n

A Significant Year For BTC\u2019s Value<\/strong><\/p>\n

In a Monday note to clients, Standard Chartered\u2019s head of digital assets research, Geoff Kendrick, raised his prediction of Bitcoin\u2019s year-end value from $100,000 to $150,000. Moreover, Kendrick claimed that the cryptocurrency could reach a cycle high of $250,000 next year.<\/p>\n

Similarly, CoinShares reported on Monday that spot Bitcoin ETFs reached record inflows totaling $2.9 billion this week, surpassing last week\u2019s record of $2.7 billion. The latest data brings the investment vehicle\u2019s year-to-date total inflows to an estimated $13.2 billion, with the U.S. receiving $2.95 billion in inflows alone.<\/p>\n

How soon Bitcoin will return to its high of $73,000 last week is unclear, but market attitudes seems to be bullish.<\/p>\n

At the time of publication, the price of Bitcoin is hovering around $67,000.<\/p>\n

\n

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong><\/a>,\u00a0YouTube\u00a0\u00a0<\/strong><\/a>and\u00a0Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Data released on Monday by investor and entrepreneur Anthony Pompliano suggests that long-term holders of Bitcoin are starting to sell off their holdings, indicating that the bull market has \u201cdefinitely begun.\u201d \u201cThis shouldn\u2019t be a surprise \u2014 as the price of Bitcoin rises, some percentage of holders are willing to sell their assets to take<\/p>\n","protected":false},"author":1,"featured_media":14603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,5041],"class_list":["post-15819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-pompliano"],"yoast_head":"\nBitcoin Sell-Off by Long-Term Holders Seen as Bullish Sign, Pompliano Says - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Data analysis by Pompliano suggests that historical bull markets for Bitcoin have been preceded by similar sell-offs from long-term holders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-sell-off-by-long-term-holders-seen-as-bullish-sign-pompliano-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Sell-Off by Long-Term Holders Seen as Bullish Sign, Pompliano Says - 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