The price of Bitcoin hovered around the $94,000 range over the weekend, although it did not fall below the key level of $92,000. However, there are still no signs of a breakthrough in the upward trend, and the market remains uncertain about the future market trend.
Regarding the recent trend of Bitcoin, well-known trader and KOL Ansem recently hinted at buying at a low price on X. He stated:
“I have a feeling that Bitcoin might hit a very frustrating low point at this price level (around $91-92K), which looks like it’s about to collapse but actually won’t. I plan to go long before the inauguration ceremony to see if the market has overreacted to the hawkish comments from the Federal Reserve and the panic selling potential from the Department of Justice.”
When answering questions from netizens, Ansem further explained that the reason for going long before the inauguration ceremony is to position oneself in the bull market amid the current panic sentiment:
“Currently, the market only includes approximately one interest rate hike in its expectations for 2025, while the US Dollar Index (DXY) and 10-year US Treasury yields have been rising. The logic behind this bet is that some uncertainties and panic sentiments may fade away after the inauguration ceremony, depending on the content of Trump’s speech.”
At the same time, recent data from Glassnode also shows a change in the trend of Bitcoin ownership. The data indicates a significant increase in the proportion of Bitcoin wealth held by new holders (defined as tokens held for less than three months), currently accounting for 49.6% of network liquidity. This trend highlights the increasing participation of new capital in the market.
This dynamic indicates that new demand is entering the market to absorb selling pressure, providing a stabilizing force even in volatile market conditions. This behavior reflects the market’s widespread confidence in the long-term potential of Bitcoin, as new participants take advantage of price declines to establish or expand their positions.
The process of wealth transfer from seasoned holders to new market participants in Bitcoin is often a precursor to significant price movements in the next stage. As Bitcoin continues to consolidate and accumulate momentum, the influx of new funds may become a key driving force for the next wave of upward movement. In the days to come, the market will witness whether the optimism of these new investors can translate into sustained upward momentum or whether the market will face more adjustment pressure.
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