In a recent poll initiated by MicroStrategy CEO Michael Saylor, it has been revealed that more than a third of Bitcoin holders are hesitant to sell even a small portion of their holdings, even if prices were to reach a million dollars. The results of the poll, combined with on-chain analysis, reinforce the strengthening narrative of Bitcoin hodlers, contributing to the increasing dormancy of the Bitcoin supply.
Key Findings from the Poll:
- Hodlers’ Reluctance to Sell: Over 87,000 respondents participated in the poll, with a significant 36.6% expressing their unwillingness to sell any portion of their Bitcoin holdings, even if prices reached a million dollars. This resolute stance among a substantial number of BTC holders could exert considerable pressure on the supply and demand dynamics, potentially leading to further price inflation.
- Gradual Selling Points: The remaining respondents showed varied thresholds for selling:
- 30% would consider selling if BTC prices reached $100,000.
- Approximately 19% would sell at $250,000.
- 14% indicated they would part with a portion of their holdings at $500,000 per BTC.
- Market Weight Consideration: Some Bitcoin advocates expressed the desire to factor in the amount of coins each vote holds, suggesting that weighting responses based on individual coin holdings could provide a more accurate representation of market sentiment.
- Profit-Taking and Dormant Supply: Earlier reports indicated an increase in Bitcoin’s dormant supply as hodlers resisted selling. While profit-taking during bull markets and panic selling during bear markets are not uncommon, the current data suggests a significant portion of BTC holders are holding strong against selling pressure.
Bitcoin Price and Market Outlook:
As of the latest update, Bitcoin prices have remained relatively stable, holding at around $43,940. Resistance at $44,000 appears to be strengthening, with a more substantial resistance band at a key Fibonacci level around $47,000. This suggests the potential for another upward movement in prices before any significant market correction.
While Bitcoin maintains its stability, altcoins are experiencing a slight retreat, contributing to a marginal drop in the total market capitalization to $1.67 trillion.
The combination of hodlers’ reluctance to sell, on-chain analysis revealing increased dormant supply, and the overall positive sentiment in the market suggests a resilient Bitcoin ecosystem. The dynamics of the cryptocurrency market continue to evolve, shaped by the decisions and sentiments of its participants, creating an environment of anticipation for potential future developments.