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Bitcoin (BTC) “Positive Signal” Sent by Retail, U.Today Data Shows
U.Today – On-chain (BTC) retail accounts are showing interest in purchasing the orange coin at current prices. The parameter has increased in recent weeks and has already added 7%, which can be considered a positive sign, the analyst says.
Retail investor demand for Bitcoin (BTC) surges as prices plummet
In the context of the prolonged decline in the price of Bitcoin (BTC), interest in buying from accounts up to $10,000 is increasing, says macro analyst Axel Adler. This parameter, crucial for BTC price prediction, has already added 7% compared to the local low reached in May.
Overall, although Adler stresses that the values are too low to say anything about the imminent recovery, the interest from the retail sector should be interpreted as a positive sign.
According to its chart derived from CryptoQuant data, the dynamics of retail account interest could be related to potential price movement.
The local peak in retail demand was recorded in the middle of the first quarter of 2024, right after Bitcoin (BTC) hit an all-time high above $73,738 on March 14, 2024.
The analyst further highlighted that the rally in early cryptocurrencies will return as crypto whales are interested in reinvesting their earnings:
Yesterday the price of Bitcoin (BTC) collapsed below $65,000 and reached mid-May levels. As of this writing, the largest cryptocurrency is changing hands at $64,262 on major spot exchanges.
Bitcoin (BTC)’s real recovery is yet to come, says Willy Woo
Experienced analyst and Bitcoin advocate Willy Woo is also confident that the price run for BTC is yet to come. He has analyzed the hashrate dynamics and predicts the capitulation of inefficient miners.
He pointed out that, historically, miners with low-cost hardware (outdated ASICs from previous generations) have abandoned the segment after halving events.
As the market matured and Bitcoin (BTC)’s net hashrate increased, this time the long-awaited capitulation of miners lasted longer than before.
However, the end of this process (which has already been underway for over 60 days) will mark an opportunity for the next phase of the BTC rally.