Known for keeping a “diamond hands” strategy of holding onto the cryptocurrency for five years, the long time BTC investor recently sold 199 BTC and made approximately $13.55 million from it, Lookonchain reported.
Five years ago, this investor first withdrew 801 BTC from the Huobi exchange at a price of $10,297, a $8.25 million transaction. Lately, in the same sense, the same investor made same noteworthy development, selling 500 BTC for around $32.13 million last month.
Bitcoin Market Sentiment
They still have 301 bitcoins and now worth about $20.42 million despite those sales. Taken altogether they derive a profit in totality of $44.28 million from these strategic transactions. Market analysts remain on guard to see where the Bitcoin next moves as the coin nears the $68,000 price point.
If the price can hold on to its current level and surpass $70,200 that may signal the start of a new bull run. All this assumes technical analysis and has the target price now at $68,550, starting from $52,500 and the support at $65,800.
But if these levels were not held, there could be a slide to the price and falls to $63,000 or even $55,800. The risks are present however, given the close proximity to $70,200, if the market sentiment does not change, then, the bulls have the majority.
Seen from this perspective, the “diamond hands” investor’s recent actions seem to be a well thought out risk adjustment. Being able to sell a fraction of your BTC holdings, hence, allows you to secure your profits keeping a good portion of your money.
This balance, cautious profit taking and the belief that Bitcoin’s long term potential outweighs, is what this strategy reflects to me and the market’s bullish bias continues.
