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- New Bitcoin Holders Lead $2B Profit-Taking, Long-Term Investors Stay Patient
New Bitcoin Holders Lead $2B Profit-Taking, Long-Term Investors Stay Patient
Bitcoin’s recent surge to near $100K has seen profit-taking primarily from newer holders, while long-term investors remain largely steadfast. ETFs and institutional activity show heightened sensitivity to price fluctuations.
Joe G & Money Talks
November 27, 2024 • Estimated Reading Time: 6 minutes
What we will talk about today...
New Bitcoin Holders Lead $2B Profit-Taking, Long-Term Investors Stay Patient
Peter Schiff Predicts Bitcoin Crash Post MicroStrategy Buying Spree
Bitcoin Sparks Thanksgiving Table Talk Amid Trump’s Crypto Push
Bitcoin’s recent surge to near $100K has seen profit-taking primarily from newer holders, while long-term investors remain largely steadfast. ETFs and institutional activity show heightened sensitivity to price fluctuations.
Main Points:
Profit Realized: $2B in daily profits, driven by coins held 6–12 months.
Long-Term Holders: Veteran BTC investors hold firm, awaiting higher prices.
ETFs React: $550M net outflows during recent market dips.
MicroStrategy Impact: Firm’s stock drops 35%, despite adding BTC to reserves.
Detailed Insights:
Who’s Selling? Newer investors dominate selling, while seasoned holders stay measured.
ETF Sensitivity: Spot Bitcoin ETFs see volatile flows tied to price shifts.
Institutional Moves: MicroStrategy’s recent BTC purchases contrast with its stock downturn.
Market Outlook: Analysts suggest institutional buyers may ride only short-term waves.
Bitcoin’s profit-taking wave highlights the evolving strategies of investors, with long-term holders signaling confidence in future growth.
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Peter Schiff Predicts Bitcoin Crash Post MicroStrategy Buying Spree
Peter Schiff claims Bitcoin’s price will plummet once MicroStrategy halts its aggressive buying, citing reduced institutional demand as a key factor. Analysts argue Bitcoin's resilience extends beyond a single entity’s activity.
It's now been four weeks since $MSTR announced its three-year plan to spend $42 billion buying #Bitcoin. MSTR has already spent $10 billion. At this rate, the three-year plan will be completed in about 16 weeks. Once the buying is done, expect both Bitcoin and MSTR to crash.
— Peter Schiff (@PeterSchiff)
10:01 PM • Nov 26, 2024
Main Points:
Schiff’s Prediction: BTC could crash as MicroStrategy’s purchases conclude.
Market Context: Bitcoin trades near $93K after retreating from $100K highs.
Key Levels: Support at $90K; potential retest of $87K–$85K if breached.
Analysts Disagree: BTC’s decentralized nature ensures varied demand, mitigating collapse risk.
Detailed Insights:
MicroStrategy’s Role: Schiff ties Bitcoin’s valuation to its $42B purchase plan, claiming reduced demand post-buying.
Broader Demand: Analysts highlight adoption, sentiment, and macroeconomics as critical BTC price drivers.
Technical Outlook: RSI cooling signals healthy correction; $95K breakout needed to restore bullish momentum.
Resilience of Bitcoin: Decentralized structure and diverse buyers support long-term stability despite temporary dips.
While Schiff remains skeptical, analysts suggest Bitcoin’s diverse demand ensures resilience against single-entity influences.
₿itcoin reached $93,343. +1.22%
♢Ethereum reached $3,461. +4.13%
Bitcoin returns to the spotlight, driven by President-elect Trump’s pro-crypto stance and nearing $100K highs. This year’s holiday discussions reflect a new era of crypto enthusiasm and skepticism.
.@worldlibertyfi
— Donald J. Trump (@realDonaldTrump)
12:57 PM • Aug 29, 2024
Main Points:
Trump’s Crypto Agenda: Pledges include making the U.S. the “crypto capital” and creating a national Bitcoin reserve.
Market Momentum: Bitcoin hits $93K after approaching the $100K milestone.
Policy Shifts: SEC Chair Gary Gensler to step down, signaling potential pro-crypto reforms.
Mixed Sentiments: Analysts debate Bitcoin’s long-term value versus hype-driven gains.
Detailed Insights:
Political Backing: Trump’s Cabinet picks, including pro-crypto leaders for Treasury and Commerce, fuel optimism.
Economic Context: High interest rates and lofty valuations prompt questions about sustained market enthusiasm.
Holiday Dynamics: Generational Bitcoin debates resurface, blending excitement and wariness around its volatility.
Future Uncertainty: Analysts highlight Bitcoin’s changing dynamics, with its 2024 rally differing from past episodes.
As Bitcoin dominates holiday conversations, it embodies both potential and polarization in today’s evolving financial landscape.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results