Bitrabo Editorial
Bitcoin encountered selling pressure over the weekend, causing its price to dip below $70,000. However, the risk of further sell-offs has significantly decreased as short-term holders continue to see low profitability.
Short-Term Holder Profitability at 3.35%
According to crypto analyst Ali Martinez, the risk of a Bitcoin sell-off has lessened due to the current low profitability of short-term holders, standing at 3.35%. This suggests that investors are inclined to hold onto their assets until profit margins rise, decreasing the likelihood of mass selling.
While short-term holder profitability for Bitcoin has been fluctuating recently, the overall trend shows that these investors have been relatively successful. Despite recent positive gains compared to the beginning of June, profitability needs to rise further for a significant sell-off to occur among short-term holders.
Possibility of Bitcoin Price Surge
In a detailed analysis, Ali Martinez has outlined a potential surge in the Bitcoin price. He predicts a local top near $89,200, marking a 28% increase from the current price of $69,400 and setting a new all-time high for the cryptocurrency.
Martinez also indicates a strong bullish sentiment toward Bitcoin as reflected in the Taker Buy Sell Ratio on the HTX Global Exchange reaching 730. This positive sentiment could be a driving force behind the next price rally.
Despite recent struggles and pressure from bearish market forces, Bitcoin has maintained its position as the leading cryptocurrency, currently trading at $69,429 with a modest 0.45% increase in the past week. Its market cap stands at $1.368 trillion.