Bitcoin's Long-Term Holders Near End of Selling Spree

Bitcoin's long-term holders are nearing the end of their selling spree, according to a prominent crypto analyst, who predicts a series of rallies for the flagship digital asset. In a recent video update, the host of InvestAnswer, with over 560,000 YouTube subscribers, shared his analysis that those who have held their BTC for 155 days or longer are about 70% done selling.

The analyst believes that the decline in selling pressure could lead to a significant increase in Bitcoin's value. He suggests that if Michael Saylor's MicroStrategy and spot Bitcoin exchange-traded funds (ETFs) were to purchase an additional $82 million worth of BTC combined, the cryptocurrency could reach $175,000 per coin. The analyst calculates that this additional investment would increase Bitcoin's market cap by $1.34 trillion, bringing the total to $3.44 trillion, which would result in a price of $175,000 per BTC.

The analyst remains optimistic about the potential for these two players to continue their investment in Bitcoin, despite the current selling pressure. He believes that if they continue to invest at the same level as last year, and the selling pressure decreases as long-term holders finish their selling spree, it is theoretically possible for Bitcoin to reach $175,000.

At the time of writing, Bitcoin is trading for $105,054.