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Bitcoin Hodlers Stand Firm: Million-Dollar Dreams Versus Reality

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Bitcoin Hodlers Stand Firm: Million-Dollar Dreams Versus Reality

bitcoin halving

In a nutshell

  • Over 33% of Bitcoin holders wouldn’t sell according to a survey by MicroStrategy President.
  • Over 87,000 people took the survey, and 30% of them said they would sell if BTC prices reached $100,000.
  • As hodlers refuse to sell, the Bitcoin dormant supply grows, potentially putting pressure on supply and demand.

In excess of 33% of Bitcoin holders would be hesitant to sell even a little part of it, regardless of whether costs arrived at 1,000,000 bucks. In addition, on-chain analysis confirms that hodlers’ refusal to sell causes a larger portion of the Bitcoin supply to become dormant.

On December 6, MicroStrategy President Michael Saylor surveyed his 3 million X supporters, asking how high BTC would have to ascend before they thought about selling a little piece of their possessions.



Bitcoin Hodl Narrative Strengthens

Surprisingly, the cheerful survey had gathered in excess of 87,000 reactions in under a day.

The 36.6% of BTC holders who responded “1 million dollars or never” is also remarkable because this is not a small number.

If more than a third of Bitcoin owners never intend to sell, this would put a lot of pressure on supply and demand, which could push up prices even more.

However, if BTC prices reached $100,000, 30% of respondents said they would sell some. 14% would sell a portion at $500,000 per BTC, while 19% were waiting for $250,000.

“If only we could market weight those responses based on the amount of coins each vote holds,” wrote Bitcoin author Preston Pysh.

Others stated that they would only withdraw money when they required fiat currency for spending and paying bills.

Recently, Vipkhoone announced that the Bitcoin lethargic inventory was expanding as hodlers would not sell.

By and by, there is in every case some benefit taking during buyer markets and frenzy selling during bear markets. The whales, corporate holders, and soon-to-be ETF issuers will have the greatest impact on the markets.

However, CryptoQuant reported this week that a 1,000 BTC transaction that had been dormant for more than ten years was involved.







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BTC Price Outlook

Bitcoin costs have stayed consistent throughout the course of recent hours, clutching late gains. Consequently, at the time of writing, the asset was trading on spot markets for $43,940.

The resistance at $44,000 is getting stronger, but there is a bigger band at $47,000, which is a crucial Fibonacci level. Hence, one more advantage could be on the cards before the business sectors right.

Altcoins are by and large falling back today, with absolute market capitalization dropping possibly to $1.67 trillion.

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