Bitcoin - The Next Resistance Is $100,000

Michael Saylor conducted a survey on X to find out at which price bitcoiners intend to sell a portion of their bitcoins?

Bitcoin Forever Laura!

The survey statement was: How high does bitcoin need to go before you consider selling a small portion of it?

Unsurprisingly, some bitcoiners are looking forward to treating themselves once the $100,000 mark is reached. Therefore, this represents a resistance level at which we will certainly observe substantial profit-taking.

The most favored response, however, was holding until $1,000,000 forever. This suggests that attitudes are changing. Bitcoin is increasingly being seen as a long-term investment rather than a trading opportunity.

$1,000,000 to Never pic.twitter.com/TizgAB2f4G

— Michael Saylor⚡️ (@saylor) December 8, 2023

It is worth mentioning that 90% of traders end up losing money. These are the figures from the FMA. It is extremely difficult to beat the market by trying to take advantage of volatility.

From 2013 to 2021, BTC appreciated by an average of 147% per year. $100 invested in 2013 became $343,010 in 2021.

But if you missed the 10 most bullish days, the performance drops to 91% per year.

If you missed the 20 best days, it drops further to 61%, 39% if you missed the 30 best days, 21% the 40 best days, and 7% for the first 50 days.

In other words, most of the gains occur in less than 2% of the time. Not being in position during these 50 days turns the $100 into $184 instead of $343,010.

As Michael Saylor says, “trading is a sign of lower intelligence”…

Bitcoin has shown an average annual performance of over 100% since 2009 (when a single BTC was valued at $1). What more is needed? Adam Back predicts $700,000 for this halving.