- Market experts have advised Bitcoin investors against selling their coins early.
- With Bitcoin price surging past the $100,000 milestone, many believe it is just getting started.
Bitcoin (BTC) has reinforced its position as the ultimate leader in the crypto market as it crosses the highly anticipated $100,000 milestone. Amid enthusiasm surrounding the market, crypto expert Ki Young Ju has urged investors not to yield to the desire to sell their Bitcoin prematurely.
The Risk of Taking Bitcoin Profits at $100,000
The $100,000 mark is one of Bitcoin’s highest psychological resistance levels. As CNF reported, the price of Bitcoin peaked as high as $103,850 before settling at $102,622 at press time.
Before this achievement, some market analysts speculated that BTC could experience a sharp fall after it crossed $100,000. They anticipated that investors would increase profit-taking at such a high psychological level.
Do not sell your #Bitcoin.
We’ve hit a new ATH, breaking one of the biggest psychological resistance levels and entering price discovery.
I repeat, DO NOT SELL YOUR BITCOIN. https://t.co/jicCvleaGg
— Ki Young Ju (@ki_young_ju) December 5, 2024
However, Ki Young Ju, the co-founder and CEO of CryptoQuant, warned investors that this is not the right time to sell their BTC holdings.
“Do not sell your Bitcoin,” Young Ju warned. According to the analyst, Bitcoin is currently in a price discovery phase. Thus, he thinks exiting the market too early is a wrong move.
Young Ju shared his personal experience to illustrate his point of view. He recalled a key moment about four years ago when Bitcoin initially surpassed $10,000 following months of consolidation. The analyst, overwhelmed with excitement, took a screenshot of the milestone on Binance. He noted that Bitcoin has never fallen below $10,000 since then.
Young Ju said he later opened a Bitcoin “generational long position” and intended to pass it on to his grandson. However, he exited the market too early, which was one of his biggest regrets. He admitted that even seasoned traders frequently make snap decisions despite their knowledge.
The analyst’s personal story draws a crucial lesson: Bitcoin’s discovery phase occurs every four years. As a result, he called on the crypto community to take a broader view and cautioned against hasty decisions during volatile market phases.
Institutional BTC FOMO at $100,000
Bitcoin’s rally towards the $100,000 milestone has sparked renewed interest from institutional investors.
For instance, popular Bitcoin miner Hut 8 has announced intentions to raise $500 million to purchase Bitcoin as a strategic reserve asset. Furthermore, recent data from the Coinbase Premium Index spotlighted by CryptoQuant showed sustained buying pressure from US institutional investors.
Before Hut 8’s purchase, MicroStrategy recently acquired 55,500 BTC for about $5.4 billion, per a CNF report.
The firm made this purchase at an average price of $97,862 per BTC. As of November 24, 2024, MicroStrategy has an amazing total of 386,700 BTC, highlighting its commitment to the world’s leading digital asset.
Meanwhile, industry experts see Bitcoin’s $100,000 milestone as the beginning. Bitwise CIO Matt Hougan argues that Bitcoin’s target is $500,000 as he anticipates the asset to capture 50% of gold’s market capitalization. Onchain analyst Ali Martinez predicts Bitcoin could reach $138,000 in the short term and possibly $150,000 before a pullback.
