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Bitcoin (BTC) 'Positive Signal' Sent by Retail, Data Shows

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Sat, 22/06/2024 - 13:25
Bitcoin (BTC) 'Positive Signal' Sent by Retail, Data Shows
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Bitcoin (BTC) retail on-chain accounts are demonstrating interest in buying the orange coin at current prices. The metric has been surging during the last few weeks and has already added 7%, which can be treated as positive signal, the analyst says.

Bitcoin (BTC) retail investors' demand surging as price tumbles

Amid the prolonged decline of the Bitcoin (BTC) price, interest in buying from accounts with up to $10,000 is surging, says macro analyst Axel Adler. This metric, which is a crucial one for BTC price prediction, has already added 7% compared to the local bottom reached in May.

In general, while Adler stresses that it is too low to say much about a recovery coming, the interest from the retail segment should be interpreted as a positive signal.

Per his chart derived from CryptoQuant's data, the dynamics of retail accounts' interest might be correlated with the potential for price moves.

The local peak of retail demand was registered in mid-Q1, 2024, right after Bitcoin (BTC) touched an all-time high above $73,738 on March 14, 2024.

The analyst also highlighted that the rally of the first crypto will be back as crypto whales are interested in reinvesting their gains:

Undoubtedly, retail players will contribute to the market's recovery, but there's no need to worry about the market, no matter what happens, it will recover, as major players have the cash they obtained from sales in March.

Yesterday, the Bitcoin (BTC) price plunged below $65,000 and reached mid-May levels. By press time, the largest cryptocurrency is changing hands at $64,262 on major spot exchanges.

Proper Bitcoin (BTC) recovery yet to come, Willy Woo says

Seasoned analyst and Bitcoin proponent Willy Woo is also sure that the price run for BTC is yet to come. He analyzed the hashrate dynamics and foresees the capitulation of inefficient miners.

He highlighted that, historically, miners with cost-ineffective hardware (outdated ASICs of previous generations) have left the segment after halving events.

As the market matures and the net hashrate of Bitcoin (BTC) surges, this time, the long-anticipated capitulation of miners has lasted longer than previously.

However, the ending of this process (that has already been running for over 60 days) will signal an opportunity for the next phase of the BTC rally.

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