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While the leading cryptocurrency Bitcoin (BTC) has continued its horizontal movements in the range of $ 62,000-63,000 in recent days, investors who have endured declines for a long time are expecting a big rise.
However, a report came from Bitfinex analysts that would upset investors.
According to The Block, analysts say that long-term Bitcoin owners have started to make profits again and predict that these investors may sell profits.
According to analysts, if long-term investors' profit taking increases, this could put significant downward pressure on the Bitcoin price in the short term.
“Long-term investors, who have been taking a break from profit sales since the beginning of May, seem to have started selling their assets again.
Long-term Bitcoin investors continue to sell, and the fact that long-term holders continue to take profits means that the near-term outlook for BTC is weak.
The data shows that long-term holders, who started taking profits at prices higher than the previous cycle peak of $69,000 in Q2 2024, are starting to take profits again in spot, but now they are taking profits at a lower scale.
This is despite the fact that the Bitcoin price is currently trading below this peak.”
Analysts said profit-taking by long-term BTC investors could put significant downward pressure on Bitcoin's price in the near term, potentially extending the current decline and negatively impacting the bull market in the medium term.
These Two Events Support Bitcoin!
Analysts stated that the downward pressure on the BTC price did not come only from long-term investors and said that the German Government's BTC sales and the sales expected after the Mt.Gox refunds put pressure on the price.
However, Bitfinex analysts noted that despite this downward pressure, the significant decline in miner sales and net inflows into spot Bitcoin ETFs are supporting Bitcoin to the upside.
Bitfinex analysts recently stated that optimism towards risky assets such as Bitcoin increased as the Personal Consumption Expenditure Index (PCE), which is the leading inflation data followed by the FED for interest rate decisions, remained unchanged in May.
*This is not investment advice.