🔥 Key Takeaways
- Long-term Bitcoin (BTC) holders have significantly reduced selling pressure, signaling strong conviction in higher prices.
- BTC price is approaching the critical $100,000 psychological level, with bullish sentiment growing.
- Analyst Gert van Lagen predicts a potential surge to $300,000 based on a classic technical pattern.
- Over 48,000 BTC were withdrawn from exchanges in a week, reducing available supply and supporting upward momentum.
Bitcoin OG Selling Falters as BTC Nears $100K
Bitcoin (BTC) is inching closer to the $100,000 mark, a psychological milestone that could trigger a new wave of institutional and retail interest. What makes this rally particularly noteworthy is the behavior of long-term holders (often referred to as “OGs” or “whales”), who have significantly slowed their selling activity. This reduction in supply-side pressure suggests strong confidence in further price appreciation.
Why Are Bitcoin Holders Not Selling?
Historically, long-term Bitcoin holders tend to sell during major price peaks to lock in profits. However, recent on-chain data indicates that these investors are holding firm, even as BTC approaches all-time highs. This behavior aligns with the “HODL” mentality, where conviction in Bitcoin’s long-term value outweighs short-term profit-taking. The lack of significant selling from OGs reduces market supply, creating favorable conditions for a continued uptrend.
The $300,000 Prediction: A Technical Perspective
Prominent analyst Gert van Lagen has suggested that Bitcoin could reach an astonishing $300,000 in the coming months, based on a classic technical pattern—likely a bullish continuation formation such as a “cup and handle” or a “bull flag.” If this prediction holds, the current consolidation near $100,000 may just be the beginning of a much larger move.
Exchange Outflows Signal Strong Demand
Supporting the bullish thesis, over 48,000 BTC were withdrawn from exchanges in just one week, according to recent reports. Large exchange outflows typically indicate that investors are moving BTC into cold storage for long-term holding, further tightening available supply. With demand remaining robust, this supply squeeze could accelerate price gains.
What’s Next for Bitcoin?
If Bitcoin breaks decisively above $100,000, the next major resistance levels could be $120,000 and $150,000, with van Lagen’s $300,000 target remaining a long-term possibility. However, traders should remain cautious of potential pullbacks, as profit-taking could emerge at key psychological levels. For now, the market structure appears strongly bullish, with diminishing sell pressure from long-term holders.
Read Also Epochs
