Bitcoin (BTC) sentiments shift to long-term holders

Bitcoin’s volatility has increased to 340%. While this dates back to October 2, 2023, it shows that the month will be better for BTC. The effect is such that the price is trading positively at $27,664.40, an increase of 0.25% in the last 24 hours. Most importantly, Bitcoin seems to have changed its priorities and tracks from serving short-term holders to long-term holders. This is evident from the number of supplies.

The number of short-term holders stands at less than 1 million BTC. On the other hand, it is more than 1 million BTC for long-term holders. As of now, there is no clear sign about how or why the change is happening, but it is safe to assume that Bitcoin was always meant to serve long-term holders. Initially pitched as an alternative to gold investment, it only makes sense for holders to stay in the game for as long as possible.

If technical complexities have to be eliminated, then it can be said that the token was rallying so low that holders preferred to either expand their portfolio with more purchases or retain their holdings to sell later.

Technically, staying long-term is expected to help holders. BTC price prediction estimates that the token can still end the year with a value that is closer to an all-time high mark—that is, $65,000. That is a long shot since the token can also beat the bush at around $27,000. Buying tokens does come out as a sensible option, for the future predictions are optimistic. Traders may still want to hesitate, as the crypto market has not completely shed the volatility factor.

The recent episode of SEC vs. XRP may have provided this stimulus to BTC. According to reports, the judge denied the SEC’s motion to appeal the ruling that XRP was not marketed as a security to retail consumers.

That has set the tone for the entire crypto industry. The SEC continues to look for more ways to encircle the crypto industry to protect customers’ interests and bring transparency. What happens next remains to be seen as Gary Gensler avoids questions about cases that are under scrutiny.

One incident that could still go against Bitcoin and others is the rise of cybercrime crime. Many scammers are targeting crypto holders and the native network to drain funds. Stars Arena was the most recent victim of a breach worth $3 million in AVAX tokens. 

The network has said that it has been able to revive a major portion of the supply, enough to cover the losses. But such security breach incidents don’t really advocate well for the crypto market.

Bitcoin has been able to tackle hitting its lowest value in 2023. It will not come as a surprise if it tackles security-related issues, too.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 65,185.47
Ethereum (ETH) $ 3,552.55
Tether (USDT) $ 0.999958
BNB (BNB) $ 598.82
Solana (SOL) $ 134.76
XRP (XRP) $ 0.492866
Dogecoin (DOGE) $ 0.122662
Cardano (ADA) $ 0.386869