Analyst: OG holders' selling pressure is easing, bitcoin may surge towards the $107,000 target price
According to Odaily, Cryptoquant analyst DarkFrost stated that the selling pressure from OG holders has significantly decreased, with the 90-day average of spent UTXOs dropping from a cycle high of around 2,300 BTC to the 1,000 BTC level. The current trend is more inclined towards holding, which is consistent with the largest net outflow of bitcoin from exchanges since December 2024. Analysis shows that bitcoin has entered a breakout phase and may be poised to challenge the target price of $107,000, driven by technical indicators, reduced selling pressure from long-term holders, and continued BTC outflows from exchanges. On the macro side, the correlation between bitcoin and gold has turned negative. Historical data shows that in such situations, BTC typically rises by an average of 56% within about two months.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Stock Market Move: Sylviss Surges on September 25 Due to Tumor License Expansion and GLP-1 Project
Report: Solidigm, a subsidiary of SK Hynix, may launch its IPO in the US as early as next year with a possible valuation of up to 150 billions dollars
According to media reports, Solidigm's potential valuation could reach up to $150 billions, with a fundraising target of $15 billions, making it likely to become the largest IPO in the history of the U.S. semiconductor industry. This week, Solidigm has held bidding meetings with several investment banks for IPO underwriting, marking a substantial step forward in the listing process. Solidigm's main business focuses on NAND flash memory and solid-state drives, with clients including CoreWeave and Dell.
WTI November crude oil futures closed at $92.41 per barrel.
Crypto prices
More
