Key Metric for Bitcoin Price Prediction: Is an Upward Trend Approaching?

Macro analyst Axel Adler, amidst the prolonged decline in Bitcoin (BTC) price, notes an increasing interest in buying from accounts down to $10,000. This metric, crucial for BTC price prediction, has already shown a 7% increase compared to the local bottom reached in May.
Key Metric for Bitcoin Price Prediction Is an Upward Trend Approaching

Overall, Adler emphasizes that it is premature to say much about an imminent recovery, highlighting the positive interpretation needed for the interest coming from the retail segment. According to data from CryptoQuant’s graph, the dynamics of retail account interest may be correlated with price movement potentials.

The peak of retail demand was recorded in mid-Q1 2024, just after Bitcoin (BTC) reached its all-time high above $73,738 on March 14, 2024. The analyst also underscored that crypto whales are focusing on reinvesting their gains, suggesting a return of the initial crypto rally:

Undoubtedly, retail players will contribute to the market’s recovery, but there is no need to worry about the market regardless, as major players will recover due to the cash they have from March sales.

Yesterday, the price of Bitcoin (BTC) dropped below $65,000 and reached mid-May levels. As of the time of writing, the largest cryptocurrency is trading at $64,262 on major spot exchanges.

Willy Woo says Bitcoin has not yet recovered.

Experienced analyst and Bitcoin advocate Willy Woo is also certain that the price increase for BTC has not yet arrived. He analyzed hashrate dynamics and predicts capitulation from inefficient miners.

Historically, he emphasized that miners with outdated ASIC hardware, which became cost-ineffective post-halving events, tend to exit the segment. As the market matures and Bitcoin’s (BTC) net hashrate increases, this time miners’ anticipated capitulation has lasted longer than before. However, the conclusion of this process (already exceeding 60 days) will signal an opportunity for the next stage of a BTC rally.

Note: This is not investment advice

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