Bitcoin
‘Positive signal’ from Bitcoin (BTC) sent by retail, data from U.Today shows
U.Today – On-chain (BTC) retail accounts are showing interest in purchasing the orange coin at current prices. The metric has increased in recent weeks and has already reached 7%, which can be treated as a positive sign, says the analyst.
Bitcoin (BTC) Retail Investor Demand Increases as Price Falls
Amid the prolonged decline in the price of Bitcoin (BTC), interest in buying into accounts with up to $10,000 is increasing, says macro analyst Axel Adler. This metric, which is crucial for BTC price prediction, has already added 7% compared to the local bottom reached in May.
Overall, although Adler stresses that it is too low to say much about an upcoming recovery, the interest from the retail segment should be interpreted as a positive sign.
According to its chart derived from CryptoQuant data, the dynamics of retail account interest may be correlated with the potential for price movements.
The local peak in retail demand was recorded in the middle of Q1 2024, shortly after Bitcoin (BTC) reached an all-time high above $73,738 on March 14, 2024.
The analyst also highlighted that the crypto-first rally will be back as crypto whales are interested in reinvesting their gains:
Yesterday, the price of Bitcoin (BTC) fell below $65,000 and reached mid-May levels. At press time, the largest cryptocurrency is trading for $64,262 on major spot exchanges.
Proper recovery for Bitcoin (BTC) is yet to come, says Willy Woo
Experienced analyst and Bitcoin proponent Willy Woo is also certain that the price of BTC is yet to come. He analyzed hashrate dynamics and predicts the capitulation of inefficient miners.
He highlighted that, historically, miners with low-cost hardware (outdated ASICs from previous generations) left the segment after events were halved.
As the market matures and Bitcoin’s (BTC) net hashrate increases, this time the long-awaited miners’ capitulation lasted longer than before.
However, the end of this process (which has already lasted more than 60 days) will signal an opportunity for the next phase of the BTC rally.