Digital

Bitcoin Hodlers Are Getting Bolder, Some Wouldn’t Sell at $1M BTC

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *