Data Leading to All-Time High in Bitcoin Signals Again! What’s the Next Target?
A signal has been given once again by the data that led to the all-time high in Bitcoin, according to CryptoQuant analyst.
Investors are anticipating a significant upward movement in Bitcoin, and the anticipated bullish signal has come from the CryptoQuant analyst.
In his analysis, CryptoQuant writer Axel Adler stated that the average demand for Bitcoin among retail investors has dropped to its lowest point in the last five months, reaching levels last seen in January.
Following these January levels, Bitcoin started its ascent and reached an all-time high of $73,600 in March.
The analyst emphasized that retail investors are the quickest to react, noting that Bitcoin experienced a 75% increase in the two months following the January lows.
“The average monthly change in Bitcoin demand from retail investors has dropped to -17%. A similar drop of -18% in the past led to Bitcoin rising from $40k to $70k. I have also observed that this group responds swiftly to market changes.”
Highlighting that the data on BTC demand from retail investors indicated an approximately 18% decrease in January, resulting in Bitcoin’s surge from $40,000 to over $70,000, the analyst suggested that if history repeats itself, Bitcoin could surpass $120,000 from its current price levels.
While this data suggests an upward trend, it is important not to base investment decisions solely on a single piece of data or signal. These figures serve as informative data with a margin of error and have not been proven to be 100% accurate.
*This is not investment advice.
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