According to analysts, as long as long-term holders continue to profit, the price of Bitcoin will face a difficult trend.
Analyst James Check stated on Sunday that the reason the cryptocurrency market has failed to recover is not due to manipulation, paper Bitcoin, or suppression, but simply "traditional sellers" causing the issue.
Check added that the significant selling pressure from existing Bitcoin holders has not been widely recognized, and this is currently the main source of resistance.
According to charts he shared, the average age of spent coins has been steadily increasing throughout the cycle, indicating that long-term holders are selling.
Another chart shows that realized profits have soared to $1.7 billion daily, while realized losses have risen to $430 million daily, marking the third-highest level in this cycle.
At the same time, the "revived supply" of old coins has reached $2.9 billion daily, setting a second-highest level.
Crypto investor Will Clemente stated that "the relative weakness of BTC over the past year is mainly due to OGs transferring supply to traditional financial institutions," and on-chain data reflects this situation.
Galaxy Digital CEO Mike Novogratz also expressed a similar view last week during an interview with Raoul Pal.
"Many people in the Bitcoin community have held for a long time and have finally decided, 'I want to buy something,'" he said, citing friends who purchased yachts and shares in sports teams.
Novogratz confirmed that the supply sources his company is currently seeing are only "old OGs" and miners.
According to TradingView data, the weekly closing price of Bitcoin is $108,700, still holding the support level.
Analyst "Rekt Capital" stated on Sunday that "if this level can be maintained, the price is expected to gradually rise above $120,000. Stability here is crucial."
As of the time of writing, the asset has regained the $110,000 level, but still faces more resistance above this level.
Related: How low can Bitcoin go? Regional "banking pressure" in the U.S. is pushing BTC towards the $100,000 mark.
Original article: “Analyst: After OG holders finish selling, the next round of Bitcoin (BTC) rise is about to start”
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