With the price of Bitcoin (BTC) already well above the critical psychological level of $60,000, even briefly touching $63,630 before retracing in the $62,000 area, and most of its holders in profit, many are wondering when would be the right time to sell the maiden cryptocurrency in their possession.
For now, holders should sit tight on their Bitcoin, waiting for it to hit the new all-time highs (ATH) in the range between $75,000 and $150,000, according to the observations shared by pseudonymous crypto trading analyst CryptoJelleNL in an X post on February 29.
Indeed, as CryptoJelleNL explained, the flagship decentralized finance (DeFi) asset is “almost entering the red box” that suggests “sell Bitcoin,” six months after the crypto expert originally shared it, albeit at slightly higher price targets that don’t recommend selling Bitcoin before it reaches $92,000.
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No resistance for Bitcoin
At the same time, renowned crypto market specialist Ali Martinez noted that there is “literally no resistance ahead of Bitcoin” at the moment with a “major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 BTC,” as he said on February 28.
On top of that, the most recent data from DeFi market intelligence platform IntoTheBlock shows that as much as 99% of all Bitcoin holders are currently in profit, with only 1% at the money and no holders at a loss, with the majority of those having the asset in their crypto wallets for longer than a year.
Finally, as CryptoJelleNL also highlighted, “Bitcoin is on its way towards the upper region” of the channel, and he was “still ready to sell BTC for >$100,000 somewhere this year,” which means the analyst expects the famous crypto asset to hit this price sometime in 2024.
Bitcoin price analysis
For now, Bitcoin is changing hands at the price of $62,659, which represents an increase of 5.94% in the last 24 hours, as well as gaining 20.95% across the previous seven days, adding up to the significantly positive price change of 44.52% on its monthly chart, as per the latest data.
All things considered, Bitcoin looks unstoppable toward making new records in terms of its price this year, and soon, the time might be ripe for selling some (or all of it) to turn a profit. However, it is important to carry out one’s own research before making any major decisions in this area.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
