bullish

2024

Rekt

Short-term holders seem to be turning bullish on Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) as Q4 2024 begins, despite concerns that October is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/uptober-mentions-plummet-traders-turn-bearish-crypto" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/uptober-mentions-plummet-traders-turn-bearish-crypto">not off to a flying start</a>. Over the past seven days, short-term holders realized capitalization has jumped by $6 billion.
<h2 id="bitcoin-sth-realized-cap-sees-sharp-increase">Bitcoin STH realized cap sees “sharp increase”</h2>
Short-term holders — those who have held their Bitcoin for less than 155 days —&nbsp; are “likely taking on more risk or increasing their buying positions,” CryptoQuant contributor Amr Taha argued in an Oct. 5 analyst&nbsp;<a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/6700d11fc3308838d27e0609-Latest-activities-for-long-term-holders-and-short-term-holder" rel="noopener noreferrer nofollow" target="null" text="null" title="null">note</a>.
He pointed out that the seven-day change in STH realized cap — an onchain metric that values each Bitcoin based on the price it was last moved — moved from -$17 billion to -$11 billion, representing a $6 billion “sharp increase” in the cohort’s Bitcoin value. The large spike in buying activity signals a more positive sentiment among STHs as the crypto market transitions from Q3 to Q4. <img alt="Bitcoin Price, Markets" img_link="" img_link_new_tab="" img_link_nofollow="" img_link_title="" name="" src="https://s3.cointelegraph.com/uploads/2024-10/019261eb-1d3a-773e-b022-a8afc0425a5a" title="">
However, Taha also pointed out that while short-term holders seem more optimistic, data suggests that long-term hodlers may be taking the opportunity to sell some of their holdings.
Over the same seven-day period, long-term holders — entities hodling coins for at least 155 days — realized cap saw a “sharp decrease” of $6 billion, “suggesting that long-term holders are likely taking profits or closing buying positions.”
Related:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-forming-three-blind-mice-trading-pattern-peter-brandt" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin is again forming a ‘three blind mice’ trading pattern: Peter Brandt</a>
<h2 id="analysts-split-on-bitcoin-s-next-move">Analysts split on Bitcoin’s next move</h2>
Despite October historically being one of Bitcoin’s strongest months, analysts are divided on how it will perform this month.
“Bitcoin is currently showing initial signs of a short-term dip,” pseudonymous crypto trader Rekt Capital opined in an Oct. 5 X&nbsp;<a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1842641048792617127" rel="noopener noreferrer nofollow" target="null" text="null" title="null">post</a>.
<figure><img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/019261ec-31f7-7db7-b043-7d49571b97d9" title="">
 <figcaption style="text-align: center;">
 Source: Rekt Capital
 </figcaption>
</figure>
However, other analysts are more bullish on the longer-term view of Bitcoin’s price.
“While many are focused on short-term price action, the 3-month chart looks incredibly bullish,” pseudonymous crypto trader Mags declared in an Oct. 5 X post, pointing out that it just closed another 3-month candle above the 2021 all-time highs.
Magazine:<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/anti-aging-multi-millionaire-bryan-johnson-almost-devoted-life-crypto/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">&nbsp;Anti-aging tycoon Bryan Johnson almost devoted his life to crypto</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC short-term holders 'likely taking on more risk' as realized cap drops by $6B

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