Several optimistic projections have been put forth regarding Bitcoin [BTC] throughout this year, with numerous experts displaying confidence in BTC’s potential to surge well beyond $100,000.<\/p>\n
The recent uptrend seems to have sparked a wave of Fear of Missing Out (FOMO), as evident from the spike in the number of addresses holding BTC.<\/p>\n
According to data from CryptoQuant, the recent Bitcoin rally was characterized by a notable increase in active addresses.<\/p>\n
This surge not only reflects the market’s positive sentiment but also indicates a strong desire among investors not to miss out on the rally.<\/p>\n
The number of active addresses was as low as 766,947 on November 3, but has now surged to over 1.18 million addresses by November 12.<\/p>\n
This trend clearly correlates with the rising prices of Bitcoin.<\/p>\n
The increase in active BTC-holding addresses also mirrors the significant inflow of funds into ETFs observed during the same period.<\/p>\n
While the rise in active addresses has been fueling bullish momentum, recent data indicates a growing trend of profit-taking among investors.<\/p>\n
This is particularly noticeable among a specific group of long-term holders (HODLers) who have possessed BTC for 6 to 18 months, primarily in the spot market.<\/p>\n
The data reveals that those who recently sold had begun accumulating as early as May 2023, enjoying over 200% profits over the 18-month period.<\/p>\n
As per CryptoQuant, these are mid-term holders who entered the market when prices were around $28,000.<\/p>\n
Approximately 230,000 BTC were transferred from addresses holding for 6 to 12 months between November 3 and November 12. Additionally, around 41,500 BTC moved from addresses holding for 12 to 18 months.<\/p>\n
The increase in selling pressure from mid-term hodlers may suggest that Bitcoin is poised for a substantial correction.<\/p>\n
Bitcoin recently reached a peak of $89,940 on November 12, after which signs of bullish exhaustion and sell pressure have become apparent.<\/p>\n
Bearish sentiments are on the rise due to Bitcoin being significantly overbought in recent trading sessions.<\/p>\n
The profit-taking by mid-term holders not only signifies a surge in selling activity but also hints at the possibility that long-term holders are bracing for a market correction following the recent rally.<\/p>\n
While a pullback at current levels seems likely, optimism remains high, especially as we approach 2025.<\/p>\n
The increase in active addresses suggests that FOMO could help maintain a higher price floor and drive further investments, with Bitcoin continuing to attract interest as an appealing option below the $100,000 mark.<\/p>\n","protected":false},"excerpt":{"rendered":"
Several optimistic projections have been put forth regarding Bitcoin [BTC] throughout this year, with numerous experts displaying confidence in BTC’s potential to surge well beyond $100,000. The recent uptrend seems to have sparked a wave of Fear of Missing Out (FOMO), as evident from the spike in the number of addresses holding BTC. According to<\/p>\n","protected":false},"author":1,"featured_media":30836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-30838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/30838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=30838"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/30838\/revisions"}],"predecessor-version":[{"id":30840,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/30838\/revisions\/30840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/30836"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=30838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=30838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=30838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}