Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Long-Term Holders Officially Enter Into Greed Territory, Is This Good Or Bad For Price?

Source Newsbtc

In a recent development, crypto analyst Ali Martinez revealed that Bitcoin long-term holders have officially entered greed territory. This could benefit the price in the short term, although the long-term consequences could be severe. The greed phase suggests that long-term Bitcoin holders are now excessively optimistic about BTC’s future trajectory.

Bitcoin Long-Term Holders Officially Enter Into Greed Territory

In an X post, Martinez stated that long-term Bitcoin holders, having experienced every phase of the market cycle, are now letting greed take over. In terms of market sentiment, these holders have moved from capitulation to hope, optimism, and then belief and are now in the greed phase.

This excessive optimism typically leads these investors to accumulate more BTC impulsively without considering rational analyses. In the short term, this greed phase is bullish for the Bitcoin price since this market sentiment could spark more buying pressure and drive the flagship crypto higher.

This buying pressure for Bitcoin already looks to be evident as on-chain analytics platform Santiment revealed that the number of wallets holding 100 to 1,000 BTC has broken an all-time high (ATH), rising to 15,777 wallets. The platform also mentioned that Bitcoin whales peaked up steam this week with the US inauguration and a new BTC ATH as transactions exceeding $100,00 surged to their highest level in six weeks.

This greed phase is good for the BTC price, as it could continue to send the flagship crypto to new highs. However, in the long term, this excessive optimism could put BTC in overbought territory, eventually sparking a massive wave of sell-offs that would send the Bitcoin price tumbling.

This greed phase among Bitcoin long-term holders looks to be sparked by optimism around Donald Trump’s pro-crypto administration and the strategic BTC reserve especially. This still poses a risk for the Bitcoin price since the flagship crypto could be trading well above its actual value if the BTC reserve isn’t eventually created.

What Needs To Happen For BTC To Stay Bullish

In another X post, Ali Martinez warned that the Bitcoin price needs to stay above $97,530 to remain bullish. According to him, this price level is the key support level to watch for BTC, as holding above it is crucial to maintaining the current bullish momentum. Bitcoin is currently consolidating around this range after hitting a new ATH of $109,000 earlier this week.

Meanwhile, crypto analyst Crypto Rover highlighted the $102,000 support area as the most important for the BTC price right now. His accompanying chart showed that the flagship crypto could drop to as low as $98,000 if it drops below this support level.

At the time of writing, the Bitcoin price is trading at around $104,900, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

Sep 20, Sun

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

5 hours ago

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Popular Symbols