The flagship crypto could maintain its upward trend. Indeed, according to Glassnode, the current value of Bitcoin is “insufficient” to encourage holders to sell.
Bitcoin price could rise further
BTC’s bullish rally continues, with an increase of +38% since the start of the last quarter. As a reminder, this upward phase began at the start of the year when the price of Bitcoin was struggling to exceed the $20,000 mark. Currently, the price is stabilizing in the area between $38,028 and $34,843.
Despite this impressive rise, it appears that holders are not ready to sell.
Indeed, according to a recent analysis of Glassnodethe current value of Bitcoin is not high enough to encourage HODLERS to sell, even though the rally has put over 16.3 million BTC in profit, representing almost 83.6% of the circulating supply.
Among short-term investors, there was a decrease of 2.3 million Bitcoins in their holdings. On the other hand, it seems that long-term investors prefer to wait for greater profits, according to analysts.
Predictions before Halving 2024
According to a recent analysis by PlanB on X, the current rally is only a “pre-bullish” phase. The real Bitcoin bullrun will come after the 2024 Halving, unless there is early approval of Spot Bitcoin ETFs.
According to Stockmoney Lizard, the flagship crypto will reach $50,000 before the event.
However, analysis from the creator of the stock-to-flow (S2F) model suggests that the BTC price will not break out of the $32,000 – $64,000 range until the next Halving.
On the other hand, a bearish scenario before the Halving could also arise. Indeed, on the graph, we can observe a decrease of 50% 100 days before the first Halving. Then, Bitcoin suffered a 38% drop 24 days before the second. Finally, we can see a drop of 63% 90 days before the third Halving.
It is highly likely that Bitcoin will continue to rise in the future. Investors will still need to remain cautious in the face of possible abrupt crashes.
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