Bitcoin

when

Dent

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-may-witness-short-term-price-correction-as-long-term-holders-move-tokens-to-short-term-holders/" data-wpel-link="internal">Bitcoin May Witness Short-Term Price Correction as Long-Term Holders Move Tokens to Short-Term Holders</a> 
On-chain data showed that tokens from long-term holders (LTH) are moving towards short-term holders (STH), suggesting that the leading cryptocurrency <a href="https://coin-turk.com/tecrubeli-analist-bitcoinde-100-000-dolar-seviyelerine-isaret-etti-btc-2025-yilinda-bu-fiyat-seviyelerine-ulasabilecek-mi" data-wpel-link="internal">Bitcoin</a> (BTC) could witness a short-term price correction. 
<h2 id="expert-opinion-on-btc">Expert Opinion on BTC</h2> 
CryptoQuant analyst Yosei Dent assessed BTC’s exchange activity in a new statement and claimed that there was an increase in the amount of BTC held for a long time transferred to exchanges when it crossed the $51,000 price threshold on February 14th, saying: 
<blockquote> 
 When BTC crossed the $51,000 mark on the 14th of the month, 5,153 BTC from the 6-12 month age range were transferred to exchanges. 
</blockquote> 
Expert Dent noted that BTC holders in this investor group bought their cryptocurrencies during the bull market run that started in October 2023, which led to the cryptocurrency closing the trading year at several months’ high of $42,000. Additionally, on the same day, the exchange entry volume of cryptocurrency holders who had held their BTC for 3 to 5 years briefly rose to 2,123 BTC. According to Dent, most of these investors bought their cryptocurrencies during the bull run from 2019 to 2021. Therefore, the recent increase in exchange entry volume could indicate that they have realized profits. Dent stated: 
<blockquote> 
 Considering that the BTC price was at $48,000 on February 14, 2021, it appears that some investors from the 3-5 year group may have exited the market at their break-even point. 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-318997 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btcc.webp" alt="" width="2048" height="898"> 
<h2 id="exchange-inflows-in-bitcoin">Exchange Inflows in Bitcoin</h2> 
The leading cryptocurrency, <a href="https://en.coin-turk.com/analyst-predicts-major-corrections-for-bitcoin-and-ethereum-after-recent-rallies/" data-wpel-link="internal">Bitcoin</a>, seeing an increase in exchange inflows from these investor groups, could indicate that cryptocurrencies are moving from LTHs to STHs. However, Dent commented on the matter: 
<blockquote> 
 However, when compared to LTH exchange entries in previous cycles, this scale is relatively small. 
</blockquote> 
According to data obtained from the 21milyon.com website at the time the article was written, BTC was at $51,245. On the other hand, 5% of the current holders, consisting of 2 million addresses holding their BTC at a loss, are in the red. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-may-witness-short-term-price-correction-as-long-term-holders-move-tokens-to-short-term-holders/" data-wpel-link="internal">Bitcoin May Witness Short-Term Price Correction as Long-Term Holders Move Tokens to Short-Term Holders</a></h5>

Bitcoin May Witness Short-Term Price Correction as Long-Term Holders Move Tokens to Short-Term Holders

Table of Contents

COINTURK NEWS

Other articles published on Feb 24, 2024

Shiba Inu Coin Burns Millions of Tokens to Boost Tokenomics

XRP Surpasses Ethereum in Searches: Catalyst for Price Surge?

Bitcoin (BTC) Can Reach $300,000, but Here's What'll Come First: Top Analyst

BNB remains stable as judge approves Binance’s $4.3B plea deal

The DeFi Tokens That Are Revolutionizing the Crypto Market

Massive Shiba Inu Token Sale by Crypto Whale Shakes Market

Join our free newsletter for daily crypto updates!