More than a third of Bitcoin holders would be reluctant to sell even a small portion of their Bitcoin, even if the price reaches $1 million. Moreover, on-chain analysis confirms that more Bitcoin supply is becoming dormant as holders refuse to sell.
On December 6, MicroStrategy CEO Michael Saylor conducted a survey among his 3 million X followers, asking them how high BTC would have to go before selling some of their holdings.
Strengthening the Bitcoin Hodl Narrative
Surprisingly bright-hearted. vote In less than a day, we received over 87,000 responses.
The 36.6% who responded with $1 million or nothing is also notable, as this is not a small number of BTC holders.
If more than a third of Bitcoin holders do not plan to sell, it could put extreme pressure on supply and demand, potentially pushing the price higher.
However, 30% of respondents said they would sell some of their BTC if the price reached $100,000. About 19% were waiting for $250,000, and 14% would sell some for $500,000 per BTC.
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“If only we could weight these responses in the market based on the amount of coins each vote holds,” said Bitcoin author Preston Pysh.
Others said they would only cash out when they needed fiat for expenses and bills.
Earlier this year, BeInCrypto reported that Bitcoin’s dormant supply was increasing as holders refused to sell.
Nonetheless, there is always some profit taking in bull markets and panic selling in bear markets. The biggest influencers on the market will be whales, corporate holders, and soon ETF issuers.
But this week CryptoQuant reported There was a transaction of 1,000 BTC that had been dormant for over 10 years.
BTC price outlook
Bitcoin price has remained stable over the past 24 hours and is maintaining its recent upward trend. As a result, the asset was trading at $43,940 on the spot market at the time of this writing.
Resistance at $44,000 is strengthening, but there is a larger band at the key Fibonacci level slightly higher at $47,000. Therefore, another rally could be expected before the market corrects.
Altcoins are generally in retreat today, with total market capitalization down slightly to $1.67 trillion.
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