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A crypto analyst has reiterated that Bitcoiners who have held their coins for over 155 days aren’t all holding out for a six-figure price tag. Many are happily taking profits once Bitcoin surpassed $90,000.

In a Nov. 16 market report, CryptoQuant contributor Percival noted that Bitcoin long-term holders (LTH) — addresses holding BTC for 155 days or more — “do not see $90K as an enemy” and are engaging in profit-taking.

Before breaking its $73,800 all-time high from March on Nov. 5, Bitcoin’s price had consolidated between $53,000 and $72,000 for almost seven months. At the time of publication, Bitcoin is trading at $89,945, according to CoinMarketCap data.

“Some of these investors have been here for many years, and for them, this first target would be a profit-taking zone,” Percival added.

Bitcoin surpassed $90,000 for the first time on Nov. 12, reaching a new all-time high on Nov. 13 of $93,215.

“The Long-Term Holder sell-side wave since the ETF’s rally has increased,” Percival stated.

Since pro-Bitcoin Donald Trump’s United States presidential victory on Nov. 5, around $4.09 billion has flowed into the spot Bitcoin exchange-traded funds in the US, according to Farside data.

Percival explained that the rising sell pressure isn’t significantly impacting Bitcoin’s price because “ETFs are absorbing all the coins being sold.” He stated: “This wave of superficial sell-side of supply in profit is notorious.”

Several prominent Bitcoin supporters are hopeful for Bitcoin to hit six figures soon. MicroStrategy’s Michael Saylor “would be surprised if we don’t go through $100,000 in November or December.”

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