- Analysts have noted that long-term investors are not selling their BTC holdings through the dip.
- On-chain analysts observe that Illiquid Bitcoin supply has hit an all-time high.
- MicroStrategy CEO states that the price of Bitcoin in the long run is irrelevant.
Traders fear an imminent Bitcoin bear cycle as the asset’s price drops below $43,000. On-chain analysts are bullish on BTC, confident in end-of-year predictions.
Investor predicts an inflow of $1 trillion in Bitcoin
Kevin O’Leary, Canadian TV personality, businessman and investor, recently stated that there is “another trillion dollars worth of buying” in Bitcoin. O’Leary shared plans to increase his crypto exposure to 7% by the end of 2021, a 133% rise.
Though the asset has plummeted and dropped below $50,000, on-chain analysts continue to remain bullish on BTC.
@_Checkmatey_, a lead on-chain analyst at market intelligence platform Glassnode, observed that the illiquid supply of Bitcoin (BTC held in cold wallets off of exchanges) has hit an all-time high. Historically, this indicates that investors prefer holding BTC rather than selling and taking profits, a bullish outlook for Bitcoin.
I know it is forbidden to post anything bullish on #Bitcoin right now, but I'm gonna do it anyway.
— _Checkmate ⚡checkonchain.com (@_Checkmatey_) September 22, 2021
Illiquid supply is at an all-time high
Liquid supply is demonstrating maturation as coins from $30k-$40k grow grey beards
Highly Liquid supply is at a multi-year low. pic.twitter.com/n2Uttg4oXC
The current liquidity created by BTC changing hands on exchanges is not whale liquidity, and long-term investors (older coins) are resisting selling. Daniel Joe, a technical analyst and cryptocurrency trader, is of the opinion that older coins are not selling.
The trend continues. Older coins are not selling this #BTC dip and continue to age. Miner reserves remain stable.
— Daniel Joe (@DanielJoe916) September 22, 2021
Most of the selling is coming from liquidations and younger coins panic selling. This is not whale exit liquidity. pic.twitter.com/rhO22ycqHm
The drop below $50,000 has led to a spike in “fear” among traders, fear of an imminent bear cycle and the end of the current bull run. However, Michael Saylor, CEO of MicroStrategy, shared his views on the asset’s price. Saylor believes that the entry price for Bitcoin traders is irrelevant in the long-term.
In the long run, it won’t matter if the price of #bitcoin was .01 or .03 or .05 million dollars when you bought it.
— Michael Saylor⚡️ (@michael_saylor) September 21, 2021
FXStreet analysts expect the BTC price to hit $51,000 in the near term. Analysts are bullish on BTC, note similarities between the brief bull run in 2019 and the current price action.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Monero Price Forecast: XMR soars over 19% amid rising demand for privacy coins
Monero (XMR) price is extending its gains by 19% at the time of writing on Monday, following a 9.33% rally the previous week. On-chain metrics support this price surge, with XMR’s open interest reaching its highest level since December 20.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and ETH stabilize while XRP shows strength
Bitcoin and Ethereum prices are stabilizing at around $93,500 and $1,770 at the time of writing on Monday, following a rally of over 10% and 12% the previous week. Ripple price also rallied 8.3% and closed above its key resistance level last week, indicating an uptrend ahead.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.