The percent of long-term Bitcoin holders is sitting about 70%. If you're counting on them to jettison their supply at $46,000, you might be disappointed.
Amid the Bitcoin ETF mania, wild price predictions have flown around. Even with Securities and Exchange Commission (SEC) approval, many anticipate a “sell the news” event that will drive Bitcoin’s (BTC) price 30% below current levels.
However, I don’t see this scenario playing out. In fact, there’s a convincing argument to predict Bitcoin will rally another 10% from current levels above the $50,000 mark, before pulling back slightly in the short term.
Having spent several decades working in traditional asset management, I know that when BlackRock publicly states something, the market should pay attention. BlackRock appeared certain in the days leading to Jan. 10 that approval would be granted.
