Old Bitcoin Holders Are Selling

The golden cross pattern has formed on the daily chart of Bitcoin (BTC) after 300 days, which typically indicates the end of bear markets. Meanwhile, on-chain data shows that long-term investors are selling their Bitcoin at a loss. This situation, along with the indifference of retail traders, has previously signaled the final price bottom and a quiet transfer of Bitcoins to whales. A weekly inflow of about $1 billion into funds also indicates the activity of large buyers. Despite these positive signals, history has shown that after the formation of a golden cross, the market usually does not rise immediately. In 2019 and 2023, Bitcoin dropped between 12% and 15% after this pattern before starting its major rally. If this happens again, the price may temporarily drop to the range of $70,000 to $72,000. Additionally, to confirm the final start of a bull market and reach the target of $100,000, breaking the $83,000 resistance is essential; otherwise, there is a possibility of deeper corrections down to the $50,000 level.

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