Bitcoin's $100K miss: Profit-taking and long-term holder patterns

Bitcoin's price dropped 7.6% after nearing the $100,000 mark on Nov. 22, largely due to $10.5 billion in profit-taking, the highest on record, according to CryptoSlate analyst James Van Straten, writing for CoinDesk. Long-term holders (LTH), who sold 549,119 BTC since September, have driven much of the selling pressure, surpassing buying from institutions like MicroStrategy and ETFs. While such corrections are common in bull markets, data shows the percentage of LTH declines decreases with each cycle: 25.3% in 2017, 13.4% in 2021, 6.51% earlier this year, and now 3.85%. If the trend holds, a further 1.19% drop (163,031 BTC) could occur, maintaining a pattern of higher lows and highs in LTH holdings.