According to eToro crypto analyst Simon peters, there may be a new ATH in the price of Bitcoin, but not necessarily anytime soon.
New ATH coming soon for Bitcoin: the 2013 cycle
The highest BTC record price of almost $ 65,000 was reached on April 14 of this year and the current price of around $ 55,000 is not far behind.
According to Peters, it would be folly to expect the price of Bitcoin to surpass $ 65,000 soon.
“Bitcoin’s current cycle appears to be playing out the same as the 2013 cycle. Supply squeeze is underway and BTC is draining trade. A breach of the ATH this month and / or early November would be in line with the 2013 cycle model, but we cannot be sure ”.
However, the analyst describes it as “shortsighted” to focus on the issue of Bitcoin’s new ATH, and suggests focus on the long term.
In this regard, it States:
“We should see prices go up and eventually a new ATH will come. In the short term, we might see some resistance at the $ 58,000- $ 60,000 level, and potentially a pullback to boot ”.
Already on Monday, the price of BTC reached $ 57,800, rejected by the resistance of $ 58,000 without even reaching it. Yesterday it fell below $ 57,000 and even briefly touched $ 53,800. At the current stage, it is hovering between $ 54,000 and $ 55,000 and could be ready for a rebound or another descent.
HODling explained by Peters
Peters points out that the past seven months have been dominated by the so-called “HODling”, which is the holding of open positions in BTC until the end, without selling even during steep declines.
In this phase, according to Glassnode, more than 2.37 million BTC have gone from short-term holders to long-term holders, with a dollar value at current prices of around $ 130 billion.
Suffice it to say that only 166,000 BTC were mined by miners in the same period, so long-time holders have “HODLed” 12.7 times more Bitcoin that mined.
“Ultimately, crypto investors should focus on the long-term benefits and use cases of tokens. Focusing on short-term price movements is a very risky approach for anyone to take ”.