As a seasoned market analyst with over two decades of experience under my belt, I find myself intrigued by the latest developments in the Bitcoin market. The resurgence of demand among short-term holders, as reported by Axel Adler Jr., signals a renewed interest and optimism that could potentially lead to a price rally. However, I’ve seen enough market cycles to know that these fluctuations are par for the course, and one must always assess risks when making trading decisions.
In light of Bitcoin‘s latest surge in price, there’s been a significant increase in the number of investors looking to buy Bitcoin quickly, indicating a high level of confidence that Bitcoin will continue to grow in value over the short term.
Short-Term Holders Demand For Bitcoin Rebounds
According to Axel Adler Jr., an analyst and writer at top blockchain company CryptoQuant, the average need for Bitcoin from short-term investors has started up again after noticing favorable developments in the Bitcoin Short-Term Holders Supply 30D Change indicator following a phase of decrease.
Based on market analysis, investors who typically own Bitcoin for less than six months have started purchasing it again. This resurgence suggests increased enthusiasm among individual investors, potentially fueled by rising optimism about an imminent price surge.
After examining the Short-Term Holders Supply 30D Change metric, the expert noted that it has bounced back over the last 18 days, despite the supply change oscillator persistently remaining in negative territory. He emphasized that the supply expanded by approximately 15% or an average daily increase of 0.95% during this timeframe.
So far, investors and traders are keeping a close eye on the situation as a renewed growth might indicate an upcoming price rise, particularly during periods of market instability.
As market volatility resurfaces, so does the appetite for Bitcoin among short-term investors, a trend highlighted earlier by Adler. He cautions, “Remember that volatility impacts trades in two directions; always consider potential risks before making investment decisions.
Adler pointed out that the multiplied trading volume on three leading cryptocurrency platforms stands at 32% at present. If this surpasses 55%, it could trigger a chain reaction of margin calls, or “liquidations.
A New All-Time High For BTC Coming Soon?
With excitement building for an upcoming rally, Michael Van De Poppe, a market analyst and Chief Information Officer (CIO) at MN Consultancy, has analyzed Bitcoin’s recent performance. His prediction suggests that the digital currency could potentially hit a new high soon. Van De Poppe emphasizes that Bitcoin is currently in a consolidation phase, indicating that the markets might experience some temporary downturn.
Given some significant forthcoming occurrences such as the U.S. Presidential election and a possible rate reduction by the Federal Reserve (Fed), Van De Poppe is optimistic that these events could trigger substantial price fluctuations for Bitcoin in the near future, with a fresh record high not far off.
Currently, Bitcoin (BTC) is being transacted at approximately $67,899, showing an increase of 0.70% over the past day. However, despite this slight rise in price, the trading volume of BTC has shown a downward trend, decreasing by 2% within the last 24 hours.
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2024-10-19 02:41