Bitcoin has surpassed the $90,000 mark, prompting long-term holders to capitalize on the surge. According to crypto analyst Percival, Bitcoin holders who have kept their coins for over 155 days are targeting $90,000 as a prime exit point. This price level, which Bitcoin reached for the first time on Nov. 12, has sparked a wave of profit-taking. On Nov. 13, Bitcoin set a new all-time high, peaking at $93,215.
This increase in selling activity follows a period of price consolidation that lasted nearly seven months, with Bitcoin trading between $53,000 and $72,000. The recent rally, fueled in part by the U.S. presidential election, has led to an influx of capital into Bitcoin, especially through exchange-traded funds (ETFs). Since Nov. 5, approximately $4.09 billion has flowed into Bitcoin ETFs in the U.S., absorbing the selling pressure from long-term holders.
Rising sell-side activity has not significantly affected Bitcoin’s price, thanks to the demand from ETFs. Percival noted that while long-term holders have taken profits, the market has largely been able to absorb these sales. He also pointed to the Market Value to Realized Value (MVRV) Ratio, which currently sits at 2.5. While an MVRV ratio of 3 or higher typically signals a market top, Percival suggests there is still room for growth, with Bitcoin potentially heading towards the $100,000 mark.
Bitcoin advocates remain optimistic about cryptocurrency’s near-term future. MicroStrategy’s Michael Saylor, a well-known Bitcoin supporter, expressed confidence that Bitcoin will surpass $100,000 by the end of the year. “I would be surprised if we don’t go through $100,000 in November or December,” he said during a CNBC appearance on Nov. 14. Saylor, who has been a vocal proponent of Bitcoin, even joked about planning a party for the $100,000 milestone.
Ryan Lee, chief analyst at Bitget Research, echoed Saylor’s sentiment, predicting that Bitcoin could surpass $100,000 by the end of November. He pointed to historical data, noting that November has often been a strong month for Bitcoin’s price performance. If this trend continues, Bitcoin could see a 14.7% increase from its current price, pushing it well beyond the $100,000 target.