As of the writing of this article, Bitcoin is undergoing a slight 1% decline in its price, currently resting at $42,753. Despite this, the primary cryptocurrency has showcased a remarkable 157% increase since the commencement of the year.
However, it still lags 37% behind its all-time high (ATH) achieved in November 2021, peaking above $68,788.
Insights derived from analyst Ali chart on X unveil a significant development: Bitcoin miners have recently executed a substantial sell-off, disposing of more than 3,000 BTC in the past few hours. This noteworthy transaction totals approximately $129 million and carries the potential to impact the overall price of Bitcoin ($BTC).
In a notable move, #Bitcoin miners have sold over 3,000 #BTC in just the last 24 hours, amounting to approximately $129 million. This substantial sell-off could influence the price of $BTC. pic.twitter.com/mUl4ebDwpm
— Ali (@ali_charts) December 28, 2023
Analyst Sets Bitcoin Target For December 2025
Bitcoin adheres to distinct four-year cycles, intricately linked to its halving events, often mirroring its price patterns. Historically, these cycles unfold as three years of bullish trends followed by a single year of bearish correction. Aligned with this established cycle, Bitcoin is presently in an upward phase, with possible extensions foreseen until December 2025.
#Bitcoin design around four-year cycles, driven by its #halving events, often mirrors its price action.
Historically, this translates to 3 years of bullish trends followed by 1 year of bearish correction. As per this cycle, $BTC is in an upward phase, potentially extending… pic.twitter.com/7B4sIpiWH8
— Ali (@ali_charts) December 29, 2023
The cryptocurrency market retains its dynamic nature, influenced by an array of factors, encompassing market sentiment, investor behavior, and external events.
As attention converges on Bitcoin miners’ activities amid the substantial sell-off, market participants vigilantly observe how this may influence the broader trajectory of Bitcoin’s price.
Finally, analysts and enthusiasts alike persist in scrutinizing these trends, aiming to glean insights into the potential future movements of the leading cryptocurrency.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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