XRP holders' attorney John Deaton has spotted a positive sign for the largest cryptocurrency by market capitalization, Bitcoin.
According to Deaton, the fact that roughly 80% of Bitcoin has not been moved might be a sign that individuals are not selling.
If nearly 80% of #Bitcoin hasn’t moved, it might be a sign that people aren’t selling. Very interested to see what happens with that percentage at 50K and 75K.— John E Deaton (@JohnEDeaton1) June 27, 2023
He highlights the possibility of Bitcoin reaching $50K or even $75K, saying he is interested in seeing what happens with that percentage at these prices.
"If nearly 80% of Bitcoin hasn't moved, it might be a sign that people aren’t selling. Very interested to see what happens with that percentage at 50K and 75K," Deaton tweeted.
As investors remain hesitant to sell, the amount of the Bitcoin supply that remains inactive is increasing. On June 26, crypto analyst Will Clemente shared a comment by Stanley Druckenmiller, which indicated that 86% of the people who owned Bitcoin at $17,000 did not sell their BTC when prices plunged to nearly $3,000.
In another tweet, Will Clemente noted that despite Bitcoin roughly doubling off its lows, every day a new record high is set in the amount of supply that has not moved in at least a year.
The past week has seen a gold rush of spot Bitcoin ETF applications led by BlackRock, the largest global asset manager. As a result, BTC has risen from $25,000 to over $31,000, setting new yearly highs.
On-chain analytics firm Glassnode observes that a stable equilibrium was reached at about $26,000 before the price rally.
According to Glassnode's weekly analysis, this could indicate that investor psychology has switched away from the 2022 bear outlook and toward viewing breakeven levels as an opportunity to build a position rather than taking exit liquidity.
At the time of writing, Bitcoin was recording mild losses, albeit still above the $30K mark. BTC was trading marginally up in the last 24 hours at $30,226.
Deaton continues to reel with optimism as regards the Bitcoin price. As previously reported, the CryptoLaw founder asked his Twitter followers over the weekend if they thought Bitcoin's market valuation could someday reach half that of gold. Deaton said that if this occurs, the price of Bitcoin might reach $300,000, nearly 10 times its current value.