A crypto analyst says Bitcoin is in a state of “musical chairs” right now and warns that traders should be “prepared when the music stops.”
Bitcoin’s climb toward $100,000 has seen a significant amount of offloads from long-term holders, which some analysts say signals a potential top that could turn markets bearish and catch traders offside when buy-side demand starts to wane.
“It’s a game of musical chairs: enjoy the ride, but be prepared when the music stops,” CryptoQuant contributor Maartuun said in a Dec. 8 X post.
Since Nov. 8, long-term holders — wallets who have held Bitcoin (BTC) for at least 155 days — have sold 827,783 BTC worth around $82.59 billion at its current price of around $99,200.
