Will Bitcoin hit $45k? It’s up to the short-term holders

Will Bitcoin hit $45k? It’s up to the short-term holders

November 27, 2023

By Victor Olanrewaju

If history repeats itself, Bitcoin’s distribution may take place around $45,000.

The coin’s price may decrease below $37,000 before another major uptrend.

The $35,000 region may have become the new accumulation area for Bitcoin’s [BTC] short-term holders (STH), according to Axel Adler Jr. Adler mentioned this in a post on X (formerly Twitter), on the 26th of November.

The data analyst and research expert used historical data from the one-week to 12-month Bitcoin supply ratio to arrive at his conclusion. From the chart shared by Adler, STH started accumulating $18,000 around February.

Short-term players eye the upside

However, it was not until BTC hit $28,000 that these holders started to take profits. On-chain data shown by the metric revealed that STHs began accumulating at $35,000 around the first week of November.

So, if history repeats itself, widespread distribution would only occur when Bitcoin hits $45,000.

But what are the chances of Bitcoin hitting the price before the year ends? To assess this potential, AMBCrypto checked the Bitcoin supply in profit, which stood at 83.13% at press time, as per CryptoQuant. This metric decreased from the 25th of November, when it stood at 84.36%.