Bitcoin (Bitcoin) Seeing investor behavior “reset” to $30,000, this trend only needs to continue to trigger price increases.
Monitoring resources based on the chain Econometrics On Tuesday, if the hodlers continue to accumulate coins, the only way is to “up” Bitcoin/USD.
“Interesting” data points to new needs
Ecoinometrics analyzed who has purchased tokens since the start of the most recent bull market in October 2020, indicating that significant changes have taken place compared to last year.
In the beginning, smaller investors or “small fishes” are accumulating. This started when Bitcoin broke through its previous all-time high of $20,000 and continued to rise to a new peak of $64,500.
However, larger investors started selling at $20,000, although the amount was not enough to end the bull market.
On the other hand, once BTC/USD reaches $30,000 for the first time, the whales will increase selling pressure. Analysts said the result was a turning point from the May high.
“Obviously $30,000 is a key level to stop the trend of whales from accumulating coin holdings,” Ecoinometrics commented.
The reason for the selling pressure to finally take over may lie in whale sentiment, that Bitcoin’s gains are “too much and too fast” and therefore the market is considered unsustainable.
Now that $30,000 is back, the neglect is nowhere to be found-investors, large and small, are buying again.
“Whales and small fish are beginning to gather again, while other categories have become neutral,” the survey results continued.
“If this explanation is correct, then what we have done with this correction is a reset. Will this increase in holdings continue? There is only one direction for Bitcoin to go, and that is to rise.”
A hint of hemp
This view provides a refreshing rebuttal to the bearish tone of many market commentators in the past few weeks.
related: Traders stated that the price of Bitcoin will break “this week” with a target of $38,000
Even classic Inventory-to-flow pricing model Has resolved the ineffectiveness concerns, this is its creator deny, And on-chain activities are characterized by low transaction volume and lack of solid support above 30,000 USD.
There are no calls for major price changes In short supplyAt the same time, lingering hopes of rising Despite sliding It was less than $32,000 on Wednesday.
