BTC Analysis: LTH Sell-Off at 5-Month High but Uptrend Remains Strong

Bitcoin (BTC) is approaching a historic milestone, with its price gradually approaching the coveted $100,000 level. This notable price increase has fueled optimism among investors, signaling the continued dominance of Bitcoin in the cryptocurrency market.

However, despite the bullish outlook, Bitcoin is not entirely immune to potential downward pressure. The foundation of Bitcoin's price stability - the long-term holders (LTHs) - appear to be wavering, raising concerns about the possibility of short-term price declines.

Support for Bitcoin is Wavering

Bitcoin's long-term investors have recently shown signs of a bearish mindset. The Net Position Change of HODLers, which tracks the behavior of LTHs, has turned negative. This shift indicates that a significant number of long-term investors are realizing their gains by selling their assets. Negative values on this index often signal a decline in confidence, which could put pressure on Bitcoin's price.

As LTHs are considered the foundation of Bitcoin's price, their selling activity could disrupt the market's momentum. These investors typically hold their assets through market fluctuations, contributing to price stability. When they start selling, this can lead to increased volatility, and if the trend continues, it could trigger a price correction. This potential selling pressure is something Bitcoin investors are closely monitoring, especially as the $100,000 threshold is within reach.

The broader macroeconomic growth trend of Bitcoin remains strong despite the short-term bearish sentiment among LTHs. An important indicator to watch is the Bitcoin Network Value to Transactions (NVT) Golden Cross, which is currently in neutral territory. Although it has not yet entered the bullish zone (below -1.6), the NVT Golden Cross is an important signal for future Bitcoin price movements. History shows that when the NVT index enters the bearish zone (above 2.2), it is often considered a sell signal for the market.

However, Bitcoin has not yet reached this bearish zone, allowing it to have more room for growth. The NVT Golden Cross remains a positive sign, indicating that Bitcoin has enough momentum to continue its ascent before any potential downside.

As long as this indicator remains in neutral territory, Bitcoin has the opportunity to reach $100,000 without facing significant downward pressure immediately.

BTC Price Prediction: A Historic Turning Point

Bitcoin's price is currently at $96,572, inching closer to the historic $100,000 milestone. The cryptocurrency has witnessed substantial growth in recent weeks, driven by institutional interest and increasing adoption. If the current trend continues, Bitcoin is likely to break through this psychological barrier, reaching a new ATH of $99,595.

If Bitcoin surpasses the $100,000 mark, the next target could be $120,000. A successful push above $100,000 could trigger additional buying pressure from both retail and institutional investors. However, the potential for profit-taking by LTHs remains a concern, as any significant selling activity could lead to a temporary correction.

Despite the short-term concerns, the overall trend of Bitcoin remains positive, and the recent NVT Golden Cross suggests a path to $100,000 is still achievable. As long as Bitcoin maintains its position above key support levels, the long-term outlook remains optimistic. While selling by LTHs may create some volatility, Bitcoin is likely to continue its upward trend in the coming months, barring any significant disruption from the market.

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