Crypto:
30251
Bitcoin:
$66.125
% 1.70
BTC Dominance:
%54.5
% 0.21
Market Cap:
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% 1.77
Fear & Greed:
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Bitcoin:
$ 66.125
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Bitcoin Long-Term Holders Turn Profitable as Price Nears All-Time High

Bitcoin,Btc

As Bitcoin’s price breached its November 2021 all-time high, last-remaining Bitcoin long-term holders with unrealized losses have lately turned back into profit once again.

Long-Term Holders Back in Profit

A June 4 study from crypto research company Glassnode shows that “0.03%” of long-term holders, those who had held Bitcoin for more than 155 days, were still in a “position of loss,” while the price of Bitcoin was hovering at $68,000.

This group mostly consists of those who bought Bitcoin during the 2021 bull cycle—when it peaked in November 2021 at $69,000.

With around 4,900 Bitcoin acquired above the current market price, Glassnode observed that even at $68,000, the entire amount of long-term holders at a loss was “negligible.”

Future Projections for Long-Term Holders

All long-term Bitcoin holders will stay profitable as long as the currency’s value exceeds $69,000 over the next few months. But on Aug. 13, the 155-day LTH period will incorporate March 11, the day Bitcoin skyrocketed to $72,110.

Short-term holders, those with Bitcoin for less than 155 days, are bearing most of the unrealized losses, Glassnode observed. These are mostly people who bought in March ahead of March 13’s all-time high of $73,679.

“The vast majority of market losses are being borne by the Short-Term Holder cohort; this is usually observed during bull market corrections from new ATHs,” it said.

Market Speculation and Future Outlook

Glassnode thinks the current price increase is generating fresh market excitement.

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“After a multi-month pricing consolidation, the first hints of market speculation seem to be returning,” it said.

Bitcoin is still failing to reach its all-time high, though, even if it is coming really close.

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Bitcoin’s price on June 6 surpassed $72,000 but fell short, reversing back to $71,000.

According to 10x Research director Marcus Thielen, the United States employment report is scheduled to be published on June 7 and the Consumer Price Index will be published on June 11. Should both print lower results, it might help drive Bitcoin to new all-time highs.

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