Renewed Interest in Bitcoin from Short-Term Investors
The recent upward trajectory of Bitcoin’s price has reignited interest among short-term holders, pointing to heightened optimism regarding BTC’s potential for growth in the near future. This trend is being closely monitored by market analysts and investors alike, as it could signal significant price movements.
Short-Term Holders’ Demand for Bitcoin Rebounds
Macro researcher and CryptoQuant author Axel Adler Jr. has highlighted a resurgence in Bitcoin demand from short-term holders. This observation follows a positive shift in the BTC Short-Term Holders Supply 30D Change metric, after a previous decline. The data suggests that investors holding Bitcoin for less than 155 days are actively purchasing the cryptocurrency again.
The renewed interest among these retail holders may be driven by the anticipation of a possible price rally in the near term. An in-depth analysis of the Short-Term Holders Supply 30D Change metric reveals a significant rebound over the past 18 days, despite the supply change oscillator remaining in negative territory. The supply has seen a 15% increase, with an average daily growth of 0.95% during this period.
This development is being closely watched by investors and traders, as it could indicate an imminent price increase, especially amid current market uncertainties. As volatility returns to the cryptocurrency market, investors are advised to carefully assess risks when making trading decisions, according to Adler.
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Potential for a New All-Time High for BTC?
With growing anticipation for a major Bitcoin rally, market expert Michael Van De Poppe, CIO of MN Consultancy, has analyzed BTC’s recent performance. He suggests that Bitcoin’s current consolidation phase may result in some market weakness. However, he believes that pivotal events such as the upcoming United States Presidential election and a potential Federal Reserve rate cut could trigger significant price movements.
Van De Poppe is optimistic that these events could push Bitcoin to a new all-time high soon. At the time of writing, Bitcoin was trading at $67,899, marking a 0.70% increase over the past day. Although prices are gradually rising, BTC’s trading volume has shown a negative trend, decreasing by 2% in the last 24 hours.
