$100k BTC remains Short as investors capitalize profits: $BTC
BTC ended Tuesday session at $92k as short-term shows LTH (Long-term Holders) taking profits at ATH price, among the shy expectation of 100k per Bitcoin. According to Glassnode, it is a staggering $2.02 billion in profits daily.
But the long-term outlook remains bullish. Tim Draper, a well-known venture capitalist, entrepreneur, and Bitcoin-friendly, believes $120k per Bitcoin in 2024 underestimates following MicroStrategy's $5.4 Billion BTC Buy and the retirement of SEC head Gary Gensler.
“It is a long-term trend. Bitcoin is just better technology than using banks and governments as the trusted third party. It is transparent, global, open, keeps perfect records, etc. It will make the world wealthier. When retailers (for currency) and governments (for taxes) realize that bitcoin will save them money on each transaction, then there will be a great incentive for everyone to use bitcoin,” Draper said.